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The Real Deal Los Angeles

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

Three multifamily properties traded hands
By Cathaleen Chen | May 01, 2017 02:30PM

853 Sanborn Avenue and 11541 N. Blucher Avenue

In the world of mid-market L.A. investment sales last week, IMT sold another multifamily property, as did Ness Development. Meanwhile, the Irvine-based Bascom Group acquired a 64-unit apartment complex in Torrance.

1. IMT Capital sold its 52-unit apartment complex in Granada Pointe for about $19.5 million, or $375,480 per unit, to a private investor, according to multiple sources. The investor made the purchase under the entity, Kirkstead LLC. The property at 11541 Blucher Avenue, dubbed IMT Granada Pointe, was built in 2011 and sits on a 2.3-acre site. IMT was represented by Jeff Louks, Glen Scher, and Brett Sanson of Marcus & Millichap. Catherine O’Brien, also of Marcus & Millichap, represented the buyer.

2. Ness Development, a Beverly Hills-based development firm, unloaded a 31-unit apartment complex in Silver Lake for $9.65 million, or $311,290 per unit, in a 10-31 exchange. The seller was a private family investor. Built in the 1920s, the property at 853 Sanborn Avenue was most last renovated in 2016. It’s fully leased. Rich Johns of Keller Williams Commercial represented Ness in the transaction.

3. In Torrance, the Bascom Group bought the 64-unit Harvard Village Apartments from a private family trust for $14 million, or $218,750 per unit. The two-story apartment complex was built in 1985, property records show, and sits on a 1.7-acre lot. Hooman Emanuel of Emanuel Real Estate Group represented the seller, while Bascom Group repped itself in the transaction. Talonvest Capital arranged a $11.45 million loan from TCF National Bank on Bascom’s behalf, the Orange County Register reported.