LA County’s top 5 multifamily investment sales in May
Greystar-Goldman Sachs joint venture led the pack
The five biggest multifamily investment sales in Los Angeles County in May combined for over $598 million, a nearly threefold increase from last month’s $206 million total.
Portfolio purchases took the top two spots of most-expensive deals last month. A joint venture between Greystar and Goldman Sachs led the charts, paying over $162 million for two apartment buildings in Figueroa Street in Downtown Los Angeles. MRK Partners followed, snagging the No. 2 spot with its $109 million transaction.
The May figures were compiled from property records by Real Capital Analytics.
1. West 27th Place & Icon Plaza — Greystar and Goldman Sachs | $162.5 million
Greystar and Goldman Sachs paid $162.5 million for two student housing communities in DTLA, located near the University of Southern California campus. The joint venture paid American Campus Communities $96.25 million for West 27th Place, at 2700 S. Figueroa Street, and $66.25 million for the Icon Plaza, located nearby at 3584 S. Figueroa Street. As part of the portfolio purchase, the pair also purchased a third property in Georgia. Eastdil Secured brokered the transaction.
2. Pioneer Gardens & Claremont Village — MRK Partners | $108.6 million
MRK Partners, an affordable housing developer based in Century City, paid KDF Communities $108.6 million for two apartment complexes. The firm spent $53.4 million, or roughly $357,000 per unit, for the nine-acre Claremont Village complex, found at 955 Arrow Highway. It also acquired the 141-unit Pioneer Gardens at 11031 Cultura Street in Santa Fe Springs for $55 million. Both properties date back to the 1970s.
3. Derby Hollywood — Canyon Partners Real Estate and CIT Bank | $23.5 million
A partnership between Canyon Partners Real Estate and CIT Bank paid $23.5 million for a 177-unit multifamily apartment community in Hollywood. Seattle-based Timberlane Partners was the seller. Renamed the Derby, the four-story property features 80-foot-tall murals of Hollywood stars such as Elvis Presley and Marilyn Monroe. The new owners are also planning on renovating the site, found at 5640 Santa Monica Boulevard.
4. Tribeca Apartments — Hung Enterprises | $21.1 million
Hung Enterprises, led by Francis Hung Jr. and Loretta Hung, paid $21 million to acquire the Tribeca Apartments at 212 S. Azusa Avenue in Azusa. An entity named RR Colima, based in Arcadia, was the seller. The garden property features 22 small buildings and 96 units. It last sold for $15.7 million in November 2015, property records show.
5. 11400 W. Culver Boulevard — Leimert Investment Co. | $10 million
Leimert Investment Co. spent $10 million to acquire a 21-unit apartment complex at 11400 W. Culver Boulevard on the Westside. The seller was Schon Tepler Real Estate, who built the property in September 2016.