The Real Deal Los Angeles

LA County’s top 5 multifamily investment sales of February

A pair of large San Fernando Valley apartment complexes led the list
By Dennis Lynch | March 13, 2018 08:00AM

The top sale: the 324-unit Warner Villa apartment complex in Warner Center (Credit: Google Maps)

The five biggest multifamily investment sales of February in Los Angeles County combined for more than $190 million. Two sales in the San Fernando Valley led the list, including a 324-unit complex and a 119-unit development.

The numbers were compiled from property records by Real Capital Analytics.

1. Warner Villa — SPI Holdings | $96.5 million

San Francisco-based investor SPI Holdings dropped the biggest check by far last month for a multifamily property with its $96.5 million purchase of the 324-unit Warner Villa complex in Woodland Hills. Dennis Wong’s investment firm purchased the 13-building property from Universal Properties, which had owned the complex for 25 years. Universal sold its only other property, the Union Bank Building office tower in Beverly Hills, to CIM Group in January for $132 million.

2. Cielo Apartments — Pacific Urban | $45 million

Pacific Urban added the 119-unit Cielo Apartments complex to its 70-property portfolio. That works out to more than for more than $378,000 per unit. Located on Topanga Canyon Boulevard, Cielo Apartments was built in 2009 and last changed hands in October 2012 for $33.1 million. Palo Alto-based Pacific Urban takes on the existing $20.2 million first mortgage with Freddie Mac, which expires in 2022.

3. Beverly Hills Tower Apartments — Beverly Hills Towers LLC | $20 million

Despite its name, the Beverly Hills Tower Apartments is neither a tower nor located in Beverly Hills. The building is five stories and 35 units, sitting just across the border in West Hollywood. The LLC buyer on this $20 million deal appears connected to investors Shahriyar Akhlaghfar and Shawn Far. The seller was the Solomon Fingold Living Trust.

4. The Reno — Safco Capital | $15.2 million

The 36-unit Reno building is located on the edge of Koreatown near Rampart Village. The five-story apartment building sold for more than twice the $7.2 million price it traded for in 2005. L.A.-based Safco’s purchase pencils out to around $422,000 per unit.

5. The Palms — Real Estate Connection | $15 million

The Torrance-based investor Real Estate Connection added this funky midcentury low-rise complex on the south side of Torrance for $312,500 per unit. The company secured an $11 million first mortgage from Hankey Investments. The 48-unit complex is the 29th property in Real Estate Connection’s portfolio, which is centered mostly around Hawthorne, Long Beach, and Torrance. The previous owner was the Paul Mitchel IV Trust.

Research by Haru Coryne