Pendo Investments has purchased a three-property multifamily portfolio totaling 222 units for $46.5 million, an average per-unit price of $209,500. The investor plans to invest an additional $12,000 per unit to upgrade the properties and bring the rents up to market rate.
The three properties are a 111-unit 1970s vintage complex in Garden Grove, a 95-unit 1970s vintage complex in Downey, and a 16-unit 2006 vintage complex in Bellflower, CA. The investor will upgrade each of the interior units, so that the property can compete at the top of the market.
The investor owns a total of nine other properties within a 10-mile radius of each of these properties, including two multifamily properties in Downey that they purchased late last year for nearly $25 million. Once the renovations are complete and lease-ups begin, they plan to resell the properties. Pendo Investments purchased the properties with bank loans provided by Chase.