The $150 million sale of 385 townhomes in the Inland Empire is the largest multifamily deal in Greater Los Angeles this year.
Archway Equities, a Beverly Hills-based real estate investment company specializing in multifamily properties, has purchased The Paseos At Montclair North, located in Montclair, California from 4914 Olive Street Properties. This is Archway’s first multifamily property investment in California.
JLL marketed the 4914 Olive St. community for sale on behalf of its seller. The property was 97% leased when the sale took place.
Archway plans a "modest renovation" as the properties have not been updated significantly since 2014. The plans include adding designer touches in the interiors of each unit, as well as a co-working area and reimagined amenities.
This community is spread over two city blocks and features a mixture of Santa Barbara-style townhomes with studios, one, two, and three bedrooms. The central park has a concert venue. Two resort-style pools with cabanas and spas, a fitness center with a children's entertainment room, a yoga room, a conference center and an entertainment lounge are among the amenities.
Sankeerth Pulusani, Archway's Managing Director, said that very few companies would be able close a deal of this magnitude.
GHP Management, the former property manager of The Paseos, agreed last year to a settlement worth $1,75 million after being accused of charging unfair late fees to tenants in nearly 30 California properties. This included tenants at The Paseos. GHP no longer manages the property but still manages Paseos in Ontario and Upland Village Green, both located in the Inland Empire.
The Paseos in Montclair North are within walking distance from the Montclair Transitcenter. This transit center provides bus and rail service to the entire region. Residents can commute for 60 minutes to over 6.5 million jobs throughout Greater Los Angeles.
According to CoStar, the Paseos was the largest multifamily transaction to close across Los Angeles County, Orange County, Riverside, Ventura, and San Bernardino Counties this year. It is also the second largest transaction to close in that area in total.