Colliers Finalizes Apartment Sale in Supply-Constrained 605 Corridor
Colliers closed the sale of Parc @ 5, a 104-unit garden-style apartment community located in the gateway city of North Downey. The buyer, B.A.G. Investments, Inc., acquired the asset from Parc @ 5 Downey, LLC for an undisclosed figure.
Colliers EVP Shane Shafer represented the seller in the transaction, reportedly among the most notable multifamily sales in the supply-constrained 605 Corridor submarket.
The buyer was attracted to the property’s strong in-place cash flow and continued value-add potential. As one of the few 100-plus-unit communities in North Downey, Parc @ 5 presented a rare opportunity to acquire scale in an infill location with high barriers to entry, according to Colliers.
“Parc @ 5 represents one of the most well-designed and highest-quality apartment communities in the submarket, making it a truly differentiated asset,” said Shafer. “The 605 Corridor remains one of the most consistent performers for rent growth and investor returns, with additional upside driven by limited new supply.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout