Mobile home operator buys Norwalk apartments for $69.5M

Los Angeles /
Apr.April 21, 2017 09:30 AM

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

arrow_forward_ios
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
Mariposa on 3rd
CGI Strategies secures $42M loan on Koreatown apartment complex
CGI Strategies secures $42M loan on Koreatown apartment complex
Gov. Gavin Newsom with Doug Ose and John Cox (Getty, Twitter)
Real estate execs among challengers in Newsom recall
Real estate execs among challengers in Newsom recall
2575 E El Presidio Street and Thor Equities Chairman Joe Sitt
Thor Equities pushes into LA industrial market
Thor Equities pushes into LA industrial market
Rendering of the new Pasadena office and existing building inset. (JLL, 101 South Marengo)
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...