Over $30mm Just Sold in 605-Corridor
by Chris Keramati
Triqor Group’s Managing Partner, Chris Keramati, has closed on two transactions totaling 131 units in the cities of Paramount & Bellflower. He represented the buyer and seller for each transaction totaling approximately $31MM.
Paramount Square consists of 100 units and is situated on over 2.5 acres on Paramount Blvd. The property comprises mostly renovated units, a remodeled pool, and multiple landscaped courtyards. Keramati generated multiple offers during the initial marketing period and negotiated a 4-day due diligence with a final price of $22.45MM. This transaction marks the first time this community has sold in almost 50 years and is currently the second-largest apartment community sold in the 605-Corridor this year.
The property in Bellflower, Artesia Apartments, is a 31-unit apartment community that has been under the same ownership for 25 years. This well-maintained property features significant upgrades such as a new roof, copper plumbing, and dual-pane windows. Over half of the units are large two-bedrooms with large patios. Keramati closed this deal for $8.25MM after receiving multiple competitive offers.
Keramati closed both properties within 90% of their combined asking price and exceeded both sellers’ expectations. Year to date, Chris Keramati has sold 50% of all 20+ unit apartment communities in the 605-Corridor submarket of Los Angeles.