The Real Deal Los Angeles

Tax credit Pacoima multifamily property sells for $98M

Buyer Desola Capital Group is planning renovation
By Katherine Clarke | October 24, 2016 04:00PM

Pierce Park Apartments

Pierce Park Apartments

Pierce Park Apartments, a tax credit multifamily property at 12724 Van Nuys Boulevard in Pacoima has sold for $98 million, or $227,907 per unit, to an entity affiliated with Desola Capital Group, a private equity firm based in Orange County, according to property records.

The 430-unit building last traded for $68.5 million in 2011 to an entity managed by Sage Property Management.

A spokesperson for Sage said the new ownership was planning a complete renovation of the 381,972-square-foot property, which was built in 1968 and last renovated in the 1990s.

Pacoima remains a challenging area for housing development. Nearly 4 in 10 residents live below the poverty line, according to an analysis of census data by the L.A. Times.

No brokers were involved in the transaction.