524 N
POPLAR AVENUE
MONTEBELLO, CA 90640
30-UNIT APARTMENT COMMUNITY
2ND OF 4 PORTFOLIO PROPERTIES SOLD
By Eric Dilanian
THE ASSIGNMENT
Eric Dilanian and his team at The Dilanian Real Estate Advisors were retained to market and sell a 49-unit apartment portfolio consisting of four properties located throughout Montebello, Silver Lake, Alhambra, and San Gabriel. The largest property in the portfolio was 524 N Poplar Avenue, a 30-unit apartment community situated in a highly desirable North Montebello neighborhood.
Offered for the first time in nearly 50 years, the property presented a rare investment opportunity in a market where large apartment communities seldom become available. With strong existing income, approximately 38% long-term rental upside, and potential for additional units through accessory dwelling unit (ADU) development, subject to buyer verification, the property offered both immediate income and future value-add potential.
Successfully positioning a property of this size required a strategic approach, particularly in Montebello's supply-constrained multifamily market. Eric's objective was to maximize exposure among qualified apartment investors, generate competitive interest, and identify buyers with the financial strength and experience necessary to complete a significant acquisition.
Through a comprehensive marketing strategy and established investor relationships, Eric and his team sought to secure the strongest possible combination of price, terms, and certainty of closing, while advancing the family's broader four-property portfolio-disposition strategy.
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Six competitive offers generated
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Multiple non-contingent offers received
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One of California's largest private multifamily owners and operators procured as the buyer
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100% cash transaction
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No financing or appraisal contingencies
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Eric represented both buyer and seller
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Second of four portfolio properties sold for the family
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Part of a 49-unit apartment portfolio
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Successfully closed in a supply-constrained Montebello market
THE RESULTS
SOLD PRICE
(524 N POPLAR AVENUE)
$5,900,000
ESCROW
PERIOD
15 DAYS
THE DEAL STORY
Eric Dilanian and his team implemented a comprehensive marketing campaign designed to maximize exposure among qualified apartment investors. As the largest property in the family's 49-unit portfolio, 524 N Poplar Avenue required a strategic approach to attract financially capable buyers interested in acquiring a substantial multifamily asset in North Montebello.
The campaign generated six competitive offers, including multiple non-contingent proposals. This strong response created meaningful competition and allowed the seller to evaluate prospective buyers based on price, financial strength, terms, and certainty of execution.
Through careful offer management and established investor relationships, Eric secured one of California's largest private multifamily owners and operators as the successful buyer. The buyer's experience and financial capabilities provided the seller with confidence that the transaction could proceed without unnecessary delays or financing complications.
Representing both the buyer and seller, Eric coordinated an entirely all-cash transaction with no financing or appraisal contingencies. The buyer performed efficiently and diligently, allowing the property to close in just 15 days, delivering a smooth transaction and a dependable outcome for both parties.
THE INVESTMENT OPPORTUNITY
524 N Poplar Avenue presented investors with a rare opportunity to acquire a 30-unit apartment community in a desirable North Montebello neighborhood, just north of Beverly Boulevard. Offered for the first time in nearly 50 years, the property combined strong existing income with approximately 38% long-term rental upside, providing both immediate income and future value-add potential.
The property features a well-balanced unit mix consisting of 18 two-bedroom, one-bathroom units; four two-bedroom, two-bathroom units; and eight one-bedroom, one-bathroom units. Tenant amenities include two on-site laundry rooms, covered parking, and garage parking—a combination that is uncommon for the area.
Beyond its existing income potential, the property offers the possibility of additional units through accessory dwelling unit (ADU) development, subject to buyer verification and governmental approval. The property is also subject to statewide AB 1482 protections rather than a separate local rent-control ordinance, providing greater operational flexibility for ownership.
Situated within an established workforce- and family-oriented community, the property benefits from consistent rental demand and convenient access to neighborhood shops and restaurants within walking distance. Its desirable North Montebello location, substantial unit count, and long-term rental upside make it an attractive investment opportunity in a market where larger apartment communities rarely become available.
COMPLEX PROPERTY EXECUTION & CHALLENGE
Large apartment communities rarely become available for sale in Montebello. During the five years preceding this transaction, only three apartment buildings containing 30 units or more had sold within the city, highlighting the limited transaction activity and the rarity of an opportunity of this scale.
This supply-constrained environment required careful property positioning and extensive buyer outreach. Eric Dilanian and his team developed a marketing strategy that emphasized not only the property's strong existing income and long-term investment potential, but also the opportunity to acquire a substantial 30-unit apartment community in one of North Montebello's most desirable residential neighborhoods.
By exposing the property to a broad pool of qualified investors, Eric generated six competitive offers, including multiple non-contingent proposals. The competitive response allowed the seller to evaluate financially capable buyers and select a purchaser with the experience and resources necessary to complete the transaction.
Ultimately, Eric procured one of California's largest private multifamily owners and operators as the successful buyer. The acquisition was completed entirely with cash, without financing or appraisal contingencies, and closed in just 15 days, demonstrating Eric's ability to execute a significant multifamily sale in a market with limited comparable transaction activity.
PORTFOLIO EXECUTION
The closing of 524 N Poplar Avenue marked the second successful sale within the family's four-property, 49-unit apartment portfolio, which included buildings located in Montebello, Silver Lake, Alhambra, and San Gabriel. As the portfolio's largest asset, the 30-unit Montebello property represented a critical component of the family's broader disposition strategy.
Successfully managing a multi-property sale required more than marketing each building individually. Eric Dilanian and his team implemented a coordinated approach focused on strategic property positioning, extensive buyer outreach, careful offer management, and consistent transaction oversight across multiple escrows.
For 524 N Poplar Avenue, Eric's established investor relationships helped secure one of California's largest private multifamily owners and operators as the successful buyer. The buyer's financial strength and experience allowed Eric to negotiate an entirely non-contingent, all-cash transaction, eliminating financing and appraisal risk.
The property successfully closed in just 15 days, providing the family with a dependable outcome for its largest portfolio asset. This successful transaction represented another important milestone toward completing the disposition of the entire 49-unit portfolio, demonstrating Eric's ability to deliver both value and certainty throughout a complex, multi-property assignment.
WHY THE SELLER CHOSE ERIC DILANIAN
Selling a large apartment community in a supply-constrained market requires accurate positioning, extensive buyer relationships, competitive offer management, and the ability to identify buyers with the financial strength to perform.
Eric generated six competitive offers, including multiple non-contingent proposals, and procured one of California’s largest private multifamily owners and operators as the successful buyer.
The resulting transaction closed entirely with cash in 15 days, without financing or appraisal contingencies, while advancing the family’s broader 49-unit portfolio-disposition strategy.
When execution matters most, apartment owners turn to Eric Dilanian for experienced representation, dependable guidance, and results throughout Greater Los Angeles.
When execution matters most, owners turn to Eric Dilanian - Northeast Los Angeles' leading local apartment investment advisor.
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