Mobile home operator buys Norwalk apartments for $69.5M

Seller IMT Real Estate bought complex for $42.3M in 2011

Apr.April 21, 2017 09:30 AM
IMT managing director Michael Browne and the apartments at 11615 Firestone Boulevard

Two limited partnerships linked to Kort & Scott Financial Group, an Anaheim-based mobile home developer, acquired a 249-unit apartment complex in Norwalk for $69.5 million, according to property records and Real Capital Analytics.

The seller, IMT Real Estate, purchased the property, at 11615 Firestone Boulevard, for $42.3 million in 2011. 

The complex, dubbed the IMT MetroPointe, dates back to 1989 and was most recently renovated in 2007. It spans about 238,500 square feet and has amenities that include a pool, spa, fitness room, basketball court, and common lounges.

Kort & Scott is the country’s “most aggressive non-REIT buyer of manufactured home communities,” according to its website. It owns more than a dozen properties in Los Angeles, including another property at at 6940 Sepulveda Boulevard that it bought from IMT in October, The Real Deal reported.

IMT closed its multifamily investment fund just a year ago, with $630 million in committed equity. The firm could not be reached for comment.

Related Articles

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando