Chateau Group recently closed a $125 million deal to sell its unfinished San Gabriel mixed-use project, according to real estate records. The buyer is a limited liability company called UP Province Holding.
The project features 50,000 square feet of retail space with 127 residential units located at approximately 400 West Valley Avenue. San Gabriel City representatives said the project is nearing completion. In the 2021 city report, these residential units were identified as condominiums.
KTGY, the construction firm involved in the project, noted that the residential units will be in a six-story building on more than 2 acres and will range in size from 650 square feet to 1,360 square feet.
It’s unclear whether the buyer’s purchase of the San Gabriel province was an accident at completion, or whether the buyer will complete the project.
The unit price of the deal is close to $1 million, which is unclear as a measure because the deal includes a lot of commercial space. Chateau Group and UP Province Holding did not respond to requests for comment.
John Rodiles, national sales manager for The Mogharebi Group, a multifamily firm that has been active in San Gabriel, said that while the multimillion-dollar deal is significant anywhere, it’s a demographic The city of San Gabriel, with a population of about 39,000, is particularly notable. valley.
“Most cities want mixed-use,” Rodiers said. “It’s a shot in the arm for Valley Boulevard. It’s new construction and it’s targeting high-end retail.”
Chateau Group has several multifamily projects under construction, according to its corporate website. These include a project called One Gallop in Arcadia, a short drive from San Gabriel. Plans for One Gallop call for 96 apartments as well as restaurants and retail. Chateau Group also works on luxury single-family residential and hospitality projects.
The company isn’t the only one looking to develop multifamily projects in San Gabriel.
The city of San Gabriel last month approved plans for a four-story building at 205 East Valley Avenue. The project plan includes 51 apartments, divided into one- and two-bedroom floor plans, ranging in size from 755 square feet to 1,126 square feet. The project will feature more than 10,500 square feet of commercial space and an underground parking lot for 128 vehicles.
Construction on the 243-unit complex at 700 San Gabriel Boulevard is expected to begin in the second half of 2023 and will also include 73,000 square feet of commercial space and a 983-person facility, according to city representatives. PARKING LOT. car. Pacific Plaza Premier Development Group is behind the project.
Another development coming to market in the San Gabriel area is Rubio Village at 201 North San Gabriel Blvd. According to media reports, it has 179 residential units, as well as 17,000 square feet of ground floor commercial space and parking. It listed on March 30 for $39 million, according to the Trulia listing site.
