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5/05/16
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An LA-based private investment entity paid $40.5 mil for a multifamily portfolio that includes eight buildings with 484 units ($84k/unit) spanning three SoCal counties.
All of the properties sold are considered to be value-add opportunities with considerable upside for buyer, due to deferred maintenance. The seller exited the apartment market to exchange into NNN investments.
The portfolio includes five buildings with 344 units in San Bernardino County, one 60-unit building in Orange County, and a two-building, 80-unit apartment complex in Los Angeles County.
DeLonne Valens and Tim Steuernol with NAI Capital’s Multifamily Services Group represented both the buyer and the seller, Chanslor Street LLC.
“Southern California is one of the most desirable for markets for apartment ownership. As rental rates continue to grow, apartment buildings continue to increase in value. This will be a long term hold for the new owner,” noted Steuernol.
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