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Wednesday, Jun 7, 2023

Multifamily Portfolio Sells for $54 Million

A six-property multifamily portfolio in the San Fernando Valley and West Los Angeles has sold for $53.6 million in multiple transactions.

The properties, which are all low-rise apartment communities, have a combined 155 residential units.

The apartment complexes are at 3596 Centinela Ave. in West L.A., 14311-14319 Dickens St. in Sherman Oaks, 12314 Moorpark St. in Sherman Oaks, 4144 Tujunga Ave. in Studio City, 12207 Riverside Dr. in Valley Village and 12225 Riverside Dr. in Valley Village.

The Moorpark Street property, which has 26 units, closed as a single-asset sale. The two Valley Village properties sold together.

Jones Lang LaSalle Inc. represented the seller, a corporate fiduciary acting on behalf of an LLC, in the transactions. There were three different buyers of the portfolio.

The properties had debt placed in 2020, which JLL said in a press release was “positively received by potential buyers given today’s volatile debt market.”

There have been a number of large multifamily sales in the San Fernando Valley recently. Chief among them is the Haven Warner Center, a 205-unit property that sold for $54 million. LA Apartments purchased the property from a private multifamily investment firm.

Haven Warner Center was built in 1985 and has a mix of 50 studios, 80 one-bedroom/one-bath units and 75 two-bedroom/two-bath apartments spread across three stories. Its amenities include a swimming pool and a fitness center.

Also in the Valley, Golden Bee Properties purchased a 200-unit apartment building in Sylmar known as Mountain View Manor for $39.5 million.

There have been some notable sales on the Westside as of late as well.

Earlier this year, Xenon Investment Corp. purchased a 113-unit property in Century City for $66.1 million from Equity Residential Real Estate

JEB Properties Inc., meanwhile, sold the Glendon Apartments in Palms for $11.6 million. The property has 27 units.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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