Eagle Partners has acquired Hills at Hacienda Heights, a 350-unit multifamily property in Hacienda Heights, Calif. The asset sold for $107 million, or $305,714 per unit.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged $71,017,000 in acquisition financing, represented the seller and procured the buyer.
Hills at Hacienda Heights was built in 1970 on 10-plus acres and has been receiving renovations since 2015. The property is a gated community with three swimming pools, a spa, a fitness center, a co-working lounge and covered parking. Apartments have eight-foot ceilings, washers and dryers, stainless steel appliances, and quartz or granite countertops. The average unit size is 792 square feet.
The property is within commuting distance of more than 2.5 million jobs in the City of Industry, Pasadena and downtown Los Angeles. California State Routes 60, 57 and 72 and Interstates 10 and 605 are nearby. Major employers in Hacienda H
