$40MM Just Sold in 605-Corridor by Chris Keramati

90 Units in Downey, CA

Chris Keramati, Managing Partner at Triqor Group, has successfully closed the sale of a 90-unit apartment complex in Downey, CA for $19.85 million. Representing both the buyer and seller, Keramati arranged this notable transaction, marking the largest apartment sale in Downey since 2020.

Situated in North Downey with frontage on Paramount Blvd., this apartment complex had not been sold in over 40 years. The property attracted substantial interest, generating multiple offers during the short marketing period. Keramati negotiated a short due diligence period and favorable terms for the seller.

The property offers a value-add opportunity with a cap rate exceeding 7% on market income. It features desirable amenities, including a renovated pool, manager’s office, lobby, public restroom, and attractive landscaping. The new owner plans to further maximize the property’s potential by building Additional Dwelling Units (ADUs) and implementing operational efficiencies to improve cash flow. This sale highlights the strength of the Downey apartment market and sets a benchmark for future transactions in the area. With its prime location, value-add potential, and strategic amenities, this 90-unit complex is poised for continued success under new ownership.

$21MM Portfolio in Los Angeles County

Keramati also closed on a portfolio of four transactions totaling 88 units within Los Angeles County. Representing the buyer and seller in each transaction, he achieved a total sale price of approximately $21 million.

The Eastern Avenue Property, last sold nearly 60 years ago, features 36 units, over 60% of which were two bedrooms. The community comprises six continuous 6-unit buildings located on a major thoroughfare within Commerce, Eastern Avenue. According to CoStar, this transaction marks the first sale of more than seven units in Commerce since 2017.

Eight townhomes in a prime Redondo Beach location near Kings Harbor sold for nearly $500,000 per unit, totaling $3.975 million. This was the first time the property had sold in over 30 years. The property features fully electric units, rooftop terraces with ocean views, and six two-car garages. The buyer plans to reposition the property with interior and exterior upgrades.

Situated in Bellflower, CA, the Casa Segura Apartments comprised 22 spacious units, primarily two-bedrooms. The recent sale of this property, closing at $5.025 million and within 3% of the list price, set a record for the highest sale price among all apartment complexes with 22 units or fewer in the city over the past three years.

The Continental Apartments in Montebello, CA, exclusively feature 22 two-bedroom townhouse-style units. Closing at $4.805 million, this transaction stands as the sole sale of a property exceeding 20 units in the Montebello area within the last two years.

The seller of this portfolio was a generational owner exiting apartment ownership after nearly 60 years. With all properties closing within an 8-month period, Chris Keramati continues to grow his dominance in the Los Angeles County area.

Together, these transactions, totaling approximately $40 million, underscore Chris Keramati’s expertise and strategic acumen within the marketplace.