The Real Deal Los Angeles

Mobile home operator buys Norwalk apartments for $69.5M

Seller IMT Real Estate bought complex for $42.3M in 2011
By Cathaleen Chen | April 21, 2017 09:30AM

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.