Sikand Properties sells remainder of portfolio for combined $162M

The company sold two of the buildings last month

Los Angeles /
May.May 01, 2018 01:00 PM
Regency Apartments and Sylvan Apartments in Van Nuys

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.


Related Articles

arrow_forward_ios
Queen Mary (Google Maps, iStock)
Long Beach to size up Queen Mary in wake of failed redevelopment plan
Long Beach to size up Queen Mary in wake of failed redevelopment plan
Prologis' Hamid Moghadam and 8819 E Edison Ave in Ontario (Google Maps, Prologis)
Prologis gets option on 177 more acres in Ontario Ranch
Prologis gets option on 177 more acres in Ontario Ranch
SRG's Chris Payne and Burnham Ward's Bryon Ward with rendering of New Laguna Niguel City Center (Sares Regis Group, Burnham Ward Properties)
‘Napa Valley-esque’ downtown to be built in Laguna Niguel
‘Napa Valley-esque’ downtown to be built in Laguna Niguel
LaTerra Development's Charles Tourtellotte with 4112 Del Rey Avenue (LinkedIn, Loopnet)
LaTerra buys Marina del Rey office complex
LaTerra buys Marina del Rey office complex
CIM’s Shaul Kuba with renderings of the project at 6007 Sunset Blvd in Hollywood (Getty, CIM Group)
CIM sells site of 109-unit resi development in Hollywood
CIM sells site of 109-unit resi development in Hollywood
Councilman Bob Blumenfield with 5300 N. Oakdale Ave (Dean Musgrove, iStock)
Last commercial orange grove in the San Fernando Valley slated for luxury homes
Last commercial orange grove in the San Fernando Valley slated for luxury homes
From left: Stockdale Capital Partners' Steven and Shawn Yari with 656 San Vicente Blvd
Stockdale Capital gets early green light for 140K sf medical tower near Cedars-Sinai
Stockdale Capital gets early green light for 140K sf medical tower near Cedars-Sinai
HBC's Richard Baker with  9600 Wilshire Blvd (SFA, Cornell)
Historic Saks Fifth Avenue complex in Beverly Hills eyed for redevelopment
Historic Saks Fifth Avenue complex in Beverly Hills eyed for redevelopment
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...