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Sikand Properties sells remainder of portfolio for combined $162M
The company sold two of the buildings last month
UPDATE, May 9, 8:34 a.m.: Sikand Properties sold the remaining four properties of an eight-property portfolio Monday, raking in a combined $162 million for 644 residential units.
LA Apartments, a Palms-based private investor, purchased the 88-unit Regency Apartments, 43-unit Sylvan Apartments and 35-unit Woodley Court complex, all in Van Nuys. It also sold the 60-unit Foothill Village Apartments in Sylmar, the Los Angeles Business Journal reported.
Sikand sold the 112-unit Tamarind Terrace complex in the Hollywood Hills to Raintree Partners last month for $40.7 million, reflecting the fourth priciest investment trade in Los Angeles County in March.
Following that was its $35 million sale of Oaktree Apartments in Santa Clarita, purchased by Benedict Canyon Equities.
Van Nuys-based Sikand also sold the 28-unit Vista del Madre Apartments in Pasadena to Harmony Court Investment, as well as the 130-unit Stillmore Apartments in Canyon Country to Wedgewood.
Ronald Harris, Greg Harris, Kevin Green and Joe Grabiec of Institutional Property Advisors, as well as Bryan Schellinger of Marcus & Millichap, brokered the deal.
The cap rates on the properties ranged from roughly 3.5 percent to 4.5 percent, Harris told the LABJ. They are expected to rise to 5 percent or 6 percent. [LABJ] — Natalie Hoberman
Correction: An earlier version of this article misspelled Sikand Properties.