A Los Angeles-based investor has picked up three multifamily buildings in the San Gabriel Valley for $68 million.
Positive Investments, run by Rao Yalamanchili, bought the Rosemead and El Monte portfolio from the Hunsaker family, according to an announcement on Thursday from Lee & Associates, which brokered the deal.
The properties are located at 4405 Rosemead Boulevard and 5123 Rosemead Boulevard in Rosemead and 3815 Baldwin Avenue in El Monte.
Property records show the properties total around 220 units, with the deal coming to around $309,000 per unit. The buildings span a combined 363,144 square feet.
The properties sold “over ask with multiple offers” three weeks after first being put on the market, due to high demand for multifamily properties, low-interest rates and high liquidity at the moment, according to Lee & Associates’ Warren Berzack.
The San Gabriel Valley was one of the most popular areas for multifamily investment in 2021, with four out of the five most expensive deals of last year located in Pasadena and Glendale.
Positive Investments may look to renovate the properties, which already have communal amenities like pools and clubhouses.
Developers are also looking to build more housing in El Monte. On Valley Boulevard and off Interstate 10, developer Southland Real Estate Group is proposing to redevelop a former retail site into townhomes and a four-story apartment complex.