Alden Pacific Investments Completes the Sale of 5-Unit Exchange Up-leg in Gardena
Updated: Jun 28, 2021
Alden Pacific Investments has completed another successful 1031 exchange with the $1.325 million purchase of a 5-unit apartment property located at 2919 W 141st Place, Gardena CA 90249.
Agent Vince Cook, of Alden Pacific Investments, represented the buyer on the upleg and downleg transaction. The property was acquired at $265,000 per unit and 14.43X Gross on actual rent with approximately 18% upside in rents.
Built in 1958, the unit mix consists of (1) 2BD/2BA, (1) 2BD/1BA and (3) 1BD/1BA with (5) garage spaces and a laundry room for additional rental income.
Vince commented, "141st Place offered my clients a great opportunity to add another cash flowing asset to their portfolio. It is well situated in close proximity to SpaceX, El Camino College, and the South Bay communities. They plan to take advantage of the upside in rental income and continued appreciation from industry in the area."