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June 14, 2024
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Rio Properties Transitions Five-Property SoCal Multifamily Portfolio as Part of a More Tax Efficient Investment Strategy


Rio Properties, a 25-year CA-based investor, transitioned a five-property, L.A.-area multifamily portfolio into a more tax-efficient investment strategy. The assets are located in Venice, Oakland, Los Angeles, and Marina Del Rey.

1400 Venice Blvd, Venice, CA
1400 Venice Blvd, Venice, CA
Rio exchanged three properties into tax-sheltered multifamily funds and the other two properties into Real Estate Investment Trusts (REITs), taking full advantage of their respective tax benefits. This forward-thinking approach facilitated the firm’s desire to retire without incurring substantial tax liabilities and brought about additional benefits. By opting for multifamily contribution funds and REITs, the client successfully minimized tax obligations and eliminated the hassles associated with property management.

Advanced Real Estate acquired 40 units and two of the three properties (1400 and 1500 Venice Blvd in Venice) via a contribution fund agreement for more than $13 mil. According to Rick Julian, CEO of Advanced, the company will sell the portfolio and trade into much larger and more efficient properties.

Virtú Investments acquired 612 Mariposa Ave in Oakland, CA for $10.6 mil via a contribution fund. The 4034 Redwood, Los Angeles and 5100 Via Dolce (Unit 311), Marina Del Rey properties were sold and sent to a REIT with Ares Management and RBC. 4043 Redwood was sold at $480k/unit and a 4.22% cap rate, while 5100 Via Dolce (Unit 311) was sold at $760/sf.

The complicated transactions were facilitated by a Colliers team led by Kitty Wallace on behalf of Rio Properties. Colliers also repped Advanced Real Estate and Virtu Investments in their acquisitions. Lainie Citron at Compass Realty repped the buyer in the Marina del Rey deal.

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