2701 Randolph St
Huntington Park, CA 90255
Bella Vista Senior Apartments · Multifamily Property For Sale · 225 Units

Marcus & Millichap is pleased to present Seville Gardens, a 225-unit senior housing complex located at 2701 Randolph Street in Huntington Park, California. Seville Gardens was built in 1989 on a 1.09-acre lot that occupies an entire block. The building offers 108 studios, 114 one-bed/one-bath units, three two-bed/one-bath units, and an amenities package that includes secure parking and access, balconies, a community recreation room, elevators, and on-site laundry. Currently, tenants are responsible for gas and electricity expenses, while the owner pays for water, sewer, and trash. A new investor could add value by implementing a RUBS program to recoup these expenses. Seville Gardens is currently under a building covenant that mandates it be used as 55+ housing with 20 percent of units rented to low-income tenants until 2038. Demand for senior housing communities is expected to increase: the percentage of Americans over the age of 65 is projected to reach 20 percent of the total population by 2028 (up from 13 percent in 2008), and home ownership rates for Americans over 75 are fading. With this growing tenant base, steady cash flow on current rents and substantial potential upside, Seville Gardens presents an excellent investment opportunity. Huntington Park is a densely populated, working-class city where the majority of housing units are renter-occupied. Area rentals boast very low vacancy rates. Seville Gardens occupies an entire block on Randolph Street between Seville and Stafford avenues, a quarter-mile from Pacific Boulevard, Huntington Park’s main commercial thoroughfare. Pacific Boulevard recently underwent a $4MM beautification project that aimed to make the street more pedestrian-friendly and attract more shoppers.