Quantcast

The Real Deal Los Angeles

Here’s a look at LA County’s top 5 multifamily investment sales of March

Greystar’s purchase in Long Beach led the pack
By Natalie Hoberman | April 18, 2018 08:20AM

250 Pacific Avenue Complex

The five biggest multifamily investment sales of March in Los Angeles County combined for over $274 million, reflecting an increase from last month’s $190 million total.

Greystar Real Estate Partners led the pack with its $84.2 million purchase in Long Beach, followed by MWest Holdings and GreenOak Real Estate’s acquisition of the Santa Fe Lofts. Both properties will undergo extensive renovations.

The numbers were compiled from property records by Real Capital Analytics

1. Pacific Court — Greystar | $84.2 million

South Carolina-based Greystar acquired the Pacific Court Apartments, a 211-unit complex that includes 35,000 square feet of retail, a 400-vehicle underground garage, fitness center, dog wash, business center and poker room. The firm, which focuses on multifamily investment, paid $84.2 million for the property. Meruelo Group, led by hotelier Alex Meruelo, was the seller. The complex, located at 250 Pacific Ave., traded for $2.3 million in 2003, property records show. Greystar said it is planning an extensive renovation to every unit in the building, as well as the common areas.

2. Santa Fe Lofts — MWest and GreenkOak | $68.7 million

MWest Holdings and New York-based equity fund GreenOak Real Estate paid $68.7 million for the Santa Fe Lofts. The Downtown L.A. property includes 132 apartment units and 13,500 square feet of retail space across 10 floors. The joint venture is planning a $6 million rehabilitation on the century-old building at 121 E. 6th Street. The seller, Capital Foresight, is a Studio City developer. It picked up the property in 2012 for $35 million and then refinanced it with a $34 million mortgage two years later.

3. Sunset Plaza — Goldrich Kest | $44.9 million

Goldrich Kest Industries, a Culver City-based real estate firm, acquired the 182-unit residential complex in West Covina for $44.9 million. The Sunset Plaza complex, sold by Chicago-based Waterton Associates, is spread across five buildings. The sale pencils out to $246,000 per unit. It has studio, and one- through three-bedroom units, as well as a pool and fitness center. Waterton purchased the property, at 1234 W. Cameron Avenue, for $27.4 million. While it did not make the top five list, Goldrich Kest also purchased another multifamily property for $24 million last month. About 75 percent of the firm’s 85-asset national portfolio is multifamily.

4. Tamarind Terrace — Raintree | $40.7 million

Raintree Partners paid $40.7 million to acquire Tamarind Terrace, a 112-unit complex in the Hollywood Hills neighborhood, property records show. The seller was Silkand Engineering Associates, which purchased the building in 1996. Amenities at the complex include a swimming pool and spa, fitness studio, private dry saunas and outdoor barbecue lounge area. Raintree, a Laguna Niguel-based company, also owns multifamily complexes in Long Beach, Santa Monica, Studio City, Sherman Oaks and Burbank, among others.

5. Oaktree Apartments — Benedict Canyon | $35 million

Last on the list is the Oaktree Apartments complex in Santa Clarita, which traded for $35 million last month. According to property records, Benedict Canyon Equities was the buyer. Silkand Engineering Associates was the seller, its second appearance on the list. The apartment building, also known as The Retreat, features one-, two- and three-bedroom units, as well as a fitness center and swimming pool. The property is located at 22900 Oak Ridge Drive.

Research by Haru Coryne