An apartment complex with ground-floor retail in Arcadia has been sold to a private investor from Taiwan, who paid in cash.
The 38-unit complex at 57 Wheeler Avenue sold for $39.2 million, according to an announcement from CBRE, which brokered the deal. The brokerage did not name the buyer.
In addition to the residential units, the property also has 17,000 square feet of retail space, with portions leased to tenants including Universal Bank and Tap Lounge, and some space vacant. Amenities at the complex include an outdoor barbeque area, electric vehicle charging stations and storage spaces.
Separating the retail space, the property sold for $756,000 per unit — one of the more expensive sales in surrounding neighborhoods in recent months.
Last week, Waterford Property paid $638,000 per unit to acquire a 105-unit complex in the neigbhoring San Gabriel Valley city of Pasadena.
Rents at the Arcadia property range from $2,500 to $3,700, according to the building’s website.
Local developer Giantech Development bought the site in 2016 for $8.95 million, records show. It completed development of the property in 2019. Giantech could not be reached for comment.
The new buyer is planning to keep the property long-term as a “generational investment,” CBRE’s Eric Chen said.
The complex is one of the few mixed-use developments in the city that has sold in the past five years, according to CBRE.