Sale Price: $14,250,000
Net Investor IRR: 36%
Multiple on Invested Equity: 1.5x
Quest Capital Partners, Inc. in conjunction with Portal Asset Management is pleased to announce its recent disposition of Royal Palms Apartments & Professional Building, a mixed-use asset with 48 apartments, office and retail in Glendora, CA. Meant to be a longer-term hold, the partnership owned the property for only 16 months. This was a unique window with near peak pricing while entering a period of potential 1031 exchange opportunities with current market volatility and distress.
The commercial space in the property represented around 20% of the overall revenue with the multi-family accounting for 80%. The commercial leasing velocity in this sub-market was somewhat sleepier than we expected. The sale of the property is a testament to the strength of the multi-family market in San Gabriel Valley. The partnership was represented by Douglas McCauley of Marcus & Millichap
Quest Capital is a boutique real estate investment firm focused on value-add investment property throughout the western region of the US. Visit quest-capital.com for more information or email us at investments@quest-capital.com.
