Institutional Property Advisors Facilitates $107M Multifamily Real Estate Acquisition in Hacienda Heights

HACIENDA HEIGHTS, Calif. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the $107 million sale and $71 million in acquisition financing for Hills at Hacienda Heights, a 350-unit multifamily property in the San Gabriel Valley.

Multifamily Real Estate Transaction Details

The property, located in Hacienda Heights, sold for $107 million, or $305,714 per unit. IPA represented the seller and procured the buyer, Eagle Road Partners. Kevin Green, executive managing director, along with Joseph Grabiec and Gregory Harris of IPA, led the investment sales team. The firm’s capital markets group — Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Tyler Johnson — arranged $71,017,000 in acquisition financing.

Built in 1970 and renovated since 2015, Hills at Hacienda Heights spans more than 10 acres and includes amenities such as three swimming pools, a spa, fitness center, co-working lounge, and covered parking. Apartments feature eight-foot ceilings, washers and dryers, stainless-steel appliances, and quartz or granite countertops. The average unit size is 792 square feet.

Property Location and Market Context

The property is within commuting distance of more than 2.5 million jobs in the City of Industry, Pasadena, and Downtown Los Angeles. Nearby transportation routes include California State Routes 60, 57, and 72, as well as Interstates 10 and 605. Major employers in the area include Acorn Engineering Co., Utility Trailer Manufacturing Co., Hot Topic, and Smurfit Westrock Baldwin Park. The Claremont Colleges and California State Polytechnic University, Pomona are also nearby.

According to IPA, the San Gabriel Valley region’s diverse employment base, growing logistics industries, and undersupply of housing are contributing to strong rental market fundamentals. Eagle Partners plans to pursue an affordable housing conversion at the property to address local housing needs, according to the firm.

Institutional Property Advisors’ Role

Institutional Property Advisors, a division of Marcus & Millichap, provides brokerage and advisory services for institutional and major private investors across the commercial real estate sector.

Source: Institutional Property Advisors