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4/23/20
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The Armor Portfolio, a multifamily portfolio consisting of 26 properties in the Los Angeles area with 642 units, has sold over the course of a year in four separate transactions totaling $102 mil, for an average price of $158.9k per unit. The seller, a private investor who was a plastics broker, passed away while the deals were still in escrow, leaving his trustees to complete the transactions.
The first transaction, which occurred in 2019, consisted of five properties in South Los Angeles and Panorama City, in the San Fernando Valley. The buildings were acquired by Golden Bee Properties for $18.75 mil.
A second portion of the portfolio was called the Wilmington Portfolio and consisted of three buildings totaling 62 units. Thise properties were acquired by Cipolla Revocable Living Trust for $8.68 mil. Another portion of the portfolio, consisting of eight buildings with 175 units, was called the Mid-City Collection. Those properties were acquired by an unnamed buyer for $33.5 mil.
The final part of the portfolio, known as the Armor Collection, consisted of 10 buildings containing a combined 300 units. Those properties fetched $42 mil.
The Neema Group at Marcus & Millichap represented the seller, and the seller’s trustees, in splitting up and selling the portfolio.
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