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The Real Deal Los Angeles

Here’s what LA’s $10M-$30M investment sales market looked like last week

Canadian developer buys plot of land, family trust acquires multifamily complex
By Eda Kouch and Cathaleen Chen | February 20, 2017 04:00PM

A rendering of Parallax’ project and the site at 18800 Railroad Street

In the world of mid-market L.A. investment sales last week, Canadian developer Parallax Investment bought a large piece of developable land and a private family acquired an apartment building in Panorama City.

1. Parallax Investment, a Toronto-based development firm, purchased a 181-acre plot of land in Rowland Heights for $26.6 million, or about $3 per square foot, according to Real Capital Analytics. The seller of the site, at 18800 Railroad Street, was Rowland Ranch Properties LLC, an entity registered to a descendent of early San Gabriel Valley settler John Rowland. Parallax already has a project in the works for the site, a 125,000-square-foot luxury retail plaza with two hotels totaling 550 rooms, according to its website.

2. Meanwhile, in Panorama City, a private family trust paid $9.9 million for a 42-unit apartment complex known as the “Casablanca.” The seller was Sussex Capital Group. Built in 1990, the property, at 9429 Van Nuys Boulevard, sits on a quarter-acre site, property records show. It last traded hands for $6.7 million in 2013.