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5/03/23
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A six-property, L.A. County multi-housing portfolio sold for a total price of $53.55 mil in three separate transactions to different buyers. The assets were sold by a corporate fiduciary acting on behalf of an LLC.
The apartment complexes are located at 3596 Centinela, 14311-14319 Dickens St, 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside, five of which were in the San Fernando Valley, and one located in West Los Angeles. The six, high-performing, low-rise apartment communities total 155 residential units.
The acquisitions included accretive assumable debt placed on all six properties in 2020, which was positively received by potential buyers given today’s volatile debt market. All three buyers assumed the existing debt.
The three sales were:
• 12314 Moorpark, located in Sherman Oaks, features 26 units and closed as a single-asset sale.
• Situated in Valley Village, the 19-unit 12207 Riverside and the 27-unit 12225 Riverside closed together as a sub portfolio.
• The 23-unit 3596 Centinela, the 40-unit 14311-14319 Dickens and the 20-unit 4144 Tujunga are located in the West Los Angeles, Studio City and Sherman Oaks submarkets. While all three properties were part of the same submarket, 3596 Centinela closed separately from the properties with the same buyer.
Peter Yorck and Nick Lavin with JLL Capital Markets represented the seller in the transactions. JLL’s Jeff Sause and Max Mraz led the Debt Advisory team.
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