Here are October’s seven priciest multifamily sales in LA

7302 Santa Monica Boulevard and AvalonBay CEO Timothy Naughton (Credit: West Hollywood Community Housing Corporation)
7302 Santa Monica Boulevard and AvalonBay CEO Timothy Naughton (Credit: West Hollywood Community Housing Corporation)

With anti-density housing initiatives lurking around the corner, 2016 has seen no shortage of multifamily investment sales.

In fact, sales volume in Los Angeles County increased 20 percent over the course of a year, exceeding $4.8 billion in dollar volume, according to Marcus & Millichap’s third quarter report, which compared a 12-month period ending in the second quarter of 2015 to the same period this year.

October was no exception. Read on for last month’s priciest multifamily deals, according to CoStar and Real Capital Analytics data analyzed by The Real Deal.

1. Pierce Park Apartments, $98 million

Pierce Park Apartments at 12700 Van Nuys Boulevard

Pierce Park Apartments at 12700 Van Nuys Boulevard

In the biggest sale of the month, an entity affiliated with Desola Capital Ground doled out $98 million, or $257 per square foot, for a 430-unit apartment complex in Pacoima. The low-income housing project at 12724 Van Nuys Boulevard was previously owned by an entity under Sage Property Management, which acquired it in 2011 for $68.5 million.

The new owner is planning a complete renovation of the 1968-built tax credit property, a Sage spokesperson told The Real Deal. No brokers were involved in the deal.

2. Studio 77, $72.1 million

Studio 77 at 5077 Lankershim Boulevard

Studio 77 at 5077 Lankershim Boulevard

Equity REIT AvalonBay Communities acquired a nearly brand new, 156-unit apartment complex in North Hollywood for $72.1 million, or about $412 per square foot, the Arlington, Virginia-based firm announced in its third quarter report. The seller, according to CoStar, was a partnership between Chandler Pratt & Partners and Amstar. No broker was involved in the deal.

Built just last year, the complex at 5077 Lankershim Boulevard also contains 11,000 square feet of retail.

3. Vintage Westwood, $69.45 million

Vintage Westwood at 947 Tiverton Avenue

Vintage Westwood at 947 Tiverton Avenue

Vintage Senior Housing, a local senior housing provider, unloaded one of its four Southern California centers to Kayne Anderson Real Estate, a Boca Raton-based investment firm, for $69.45 million, or about $369 per square foot, according to property records.

The 227-unit building at 947 Tiverton Avenue was built in 1966 and renovated in 2002, according to CoStar.

4. 6940 Sepulveda, $33 million

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6940 Sepulveda Boulevard

6940 Sepulveda Boulevard

As part of a 1031 exchange, Sherman Oaks-based IMT Capital sold a 98-unit apartment complex in Van Nuys for $33 million, or about $259 per square foot, to Kort & Scott Financial Group.

The 2009-built property at 6940 Sepulveda Boulevard will be a long-term hold for Kort & Scott, broker Vince Norris of Berkadia told The Real Deal.

5. South Hills Apartment, $26.3 million

South Hills Apartment at 2900 East Virginia Avenue

South Hills Apartment at 2900 East Virginia Avenue

Gemdale USA Corporation, one of the largest Chinese investors in L.A., purchased an 85-unit West Covina apartment complex for $26.3 million as its first value-add asset. The developer is planning to renovate the both exterior and interior before raising rents to current submarket standards, according to its website.

The campus at 2900 East Virginia Avenue was previously owned by Sack Properties, which acquired it for $21.8 million in 2014, according to CoStar.

6. Movietown Square, $20.5 million

Movietown Square at 7302 Santa Monica Boulevard (Credit: West Hollywood Community Housing Corp.)

Movietown Square at 7302 Santa Monica Boulevard (Credit: West Hollywood Community Housing Corp.)

October was an active month for AvalonBay. The REIT has not yet finished constructing its three-building housing complex in West Hollywood, but it recently sold one of them — a 77-unit, seven-story structure — to the West Hollywood Community Housing Corporation for $20.5 million.

The affordable and senior housing developer was slated to develop those units from the jump, but it was unknown that it would also be purchasing them. The new owner dubbed the building, at 7302 Santa Monica Boulevard, Movietown Square.

The rest of AvalonBay’s WeHo units will deliver January 2017, a employee of the REIT told TRD.

7. Town Square Apartment Homes, $20.25 million

Town Square Apartments at 43336 Gadsden Avenue

Town Square Apartments at 43336 Gadsden Avenue

The 215-unit apartment complex at 43337 Gadsden Avenue in Lancaster recently sold to an LLC connected to spinal surgeon John Chiu of the California Spine Institute for $20.25 million, or about $120 per square foot.

Built in 1985, the property was previously owned by an LLC connected to real estate firm Fowler Property Acquisitions.