Azusa Pacific University sells apartments for $81M

Azusa Pacific University has cashed out of a three-building San Gabriel Valley residential portfolio near its main campus in an $81 million deal.

The properties, collectively called the Alosta Portfolio, contain a total of 316 apartments. The package, with the addresses of 1000, 1130, 1150, 1160,1170 Alosta Avenue in Azusa, sits on a 10.7-acre lot just a few blocks from the university’s main campus at 901 East Alosta Avenue.

Rachel White, a spokesperson for the university, said that proceeds from the sale will be used to “enhance the campus experience” for students.

The buyer is Positive Investments, headed by Rao Yalamanchili. The firm has recently been on an acquisition spree in the San Gabriel Valley. In January, the firm closed a similar transaction, buying a three-building, 220-unit apartment portfolio in Rosemead and El Monte for $68 million.

The biggest piece of the portfolio is The Bowles, a 123-unit apartment complex at 1150, 1160 and 1170 Alosta Avenue. The deal also includes University Park, a 96-unit compound at 1000 Alosta Avenue, and 97 out of the 118 condo units at Alosta Place at 1130 Alosta Avenue.

The acquisition contains a mix of studios, one-bedroom and two-bedroom units. The complex also includes amenities such as an outdoor pool and common recreation rooms.

Positive Investments recently closed a few large acquisitions in Covina, also in San Gabriel Valley. The deals include a $25.6 million acquisition for a 130-unit residential compound at 1408-1430 North Citrus Avenue and a $38.5 million transaction for a 139-unit apartment complex at 1375 West San Bernardino Road.

San Gabriel Valley was one of the most active markets for multifamily investment last year, with two Pasadena deals landing in Los Angeles County’s top five apartment sales ranking for 2021.