Nulook Floor Buys 35 Units on Imperial Highway
Nulook Floor bought the 35-unit Stonewood Apartments at 410 W. Imperial Highway in Brea, California, from a local investor for $16 million, or about $457,000 per unit.
Renovated in 2007, the two-story, 30,008-square-foot multifamily property features on-site laundry and is located directly across the street from Brea Gateway Center, a community center that is home to Ralphs, Rite-Aid, Homegoods, World Market and other retailers.
This acquisition was the buyer’s replacement property in a 1031 tax-deferred exchange following its sale of an industrial facility in nearby Pomona. The buyer reportedly reinvested into the Stonewood Apartments with a planned long-term hold.
Tyler Leeson, David Yeh and Anthony Brown of Marcus & Millichap represented the seller. Joseph Harmon at Daum Commercial Real Estate Services represented the buyer in the sale.
By Jess Wallen
Source: CoStar News