The Centrepoint Apartments, located in one of Los Angeles County’s strongest rental markets, Whittier, provides tenants quick and easy access to Los Angeles County’s major 605 and 5 freeways and Whittier Boulevard, a major commercial corridor and one of the city’s main thoroughfares. The subject property is in close proximity to Whittier College, one of the more diverse liberal arts colleges in the country with an enrollment of over 1,725 students on 74 hillside acres and Presbyterian Intercommunity Hospital, a 199-bed facility with more than 5,100 employees. The property provides tenants close proximity to the areas major retail centers, such as The Quad at Whittier Shopping Center and Santa Fe Springs Plaza Shopping Center. Additionally, the property is approximately two miles from Uptown Whittier, the Historic Business and Entertainment District.
Sale and Return on Investment
Centrepoin’s under-capitalization and previous absentee management provided OneV Capital with an ideal opportunity to reposition the property with an improved tenant base and higher monthly rent rates. With the implementation of professional management practices, cost effective and efficient control systems, and the improvements to the physical plant, OneV Capital would provide consumers with a compelling value proposition relative to the competition. Centrepoint was sold in April 2015 at a $5,850,000 sale price, which yielded a 1.85 multiple on capital.