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January 24, 2019
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644-Unit Los Angeles Area Multifamily Portfolio Sold for over $161 Mil


An eight-property, 644-unit multifamily property portfolio in Los Angeles County has traded hands in transactions valued at $161.9 mil ($251.4k/unit). The properties sold are:

• Oaktree Apartments, 148 units, Santa Clarita
• Stillmore Apartments, 130 units, Santa Clarita
• Tamarind Terrace Apartments, 112 units, Hollywood
• Regency Apartments, 88 units, Van Nuys
• Woodley Court, 35 units, Van Nuys
• Vista Del Madre, 28 units, Pasadena
• Foothill Village, 60 units, Sylmar
• Sylvan Apartments, 43 units, Van Nuys

Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors, along with Bryan Schellinger of Marcus & Millichap, represented the seller, a private ownership group. The brokerage group also procured the buyers, which include an institutional discretionary fund, regional syndicators and high-net-worth private investors.

“We generated 130 offers and sold the assets to five different investors,” says Greg Harris, IPA. “Cap rates ranged from the mid-threes to the mid-fours on current operations. Projected cap rates, post-renovation, range from 5 percent to 6 percent.”

“The previous owner was in possession of all eight buildings for more than three decades,” added Ron Harris. “Seven of the eight assets are non-rent-controlled.”

“It is rare to find a sizeable, almost completely non-rent-controlled value-add portfolio where the upside can be immediately realized,” comments Green. “The investment appeal was compounded by the more than 20 percent average loss-to-lease per asset, which contributed to the tremendous demand and competition this portfolio inspired.”

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