R. W. Selby & Company buys 3-property portfolio from State Farm for $120M
R. W. Selby & Company, a Brentwood-based firm, recently acquired three multifamily properties in West L.A and Bel Air, The Real Deal has learned.
The portfolio — which includes the 91-unit Eleven950 at 11950 Idaho Avenue, the 34-unit Twelve000 at 12000 Idaho Avenue and the 59-unit Village Bel Air at 130 Sepulveda Boulevard — sold for $120.1 million, or about $639 per square foot, according to listing agent Derrek Ostrzyzek of Orange County-based Moran & Company. The seller was State Farm Insurance.
State Farm acquired the land about 10 years ago, Ostryzyzek told TRD. The insurance giant decided to sell now because it reached the end of its usual holding term, he said. All three properties were developed by TriCal construction, which built them between 2008 and 2014.
R.W. Selby made the purchase because of its desire to expand its Westside portfolio, he said. The firm is also serving as property manager.
It’s likely that Selby will pursue minor interior and common area renovations on Eleven 950 and Village Bel Air, Ostryzyzek said. Average rent for the Idaho Avenue apartments — which include studios, one-bedrooms and two-bedrooms — is about $3,588 per month, and about $3,343 per month for Village Bel Air units.
R. W. Selby declined to comment. TriCal and Wells Fargo could not be immediately reached.
Selby filed a request last month to build an 86-unit apartment complex on the corner of Las Palmas and Selma Avenues in Central Hollywood, TRD reported. The firm also builds and manages student housing and apartment complexes in Nevada as well as Southern California.