LA County’s top 5 multifamily investment sales in June

A Pasadena apartment building topped the list

Jul.July 17, 2018 05:32 PM
Mack Real Estate Development CEO Paul Keller, and Andalucia apartments

The five biggest multifamily investment sales in Los Angeles County in June combined for $118 million, a stark decrease from last month’s $598 million total.

The $66 million sale of Andalucia, a 118-unit apartment building in Pasadena, to an individual named Taoguang Wang led the pack. That was one of the few big-ticket items that traded last month. It was followed by a $19 million sale of a property in Northridge.

The June figures were compiled from property records by Property Shark.

Andalucia — Capital Realty Advisors | $66.1 million

An LLC named Luxe Pasadena acquired Andalucia for $66.1 million in a deal that closed June 14. The entity is controlled by Taoguang Wang, a private investor based in China who also owns Luxe Pasadena, an upscale apartment community found nearby. Deed records also link Capital Realty Advisors, a Long Beach-based real estate firm, to the deal. The seller of the 118-unit complex, located at 686 E. Union Street in Pasadena, was Mack Real Estate Development. The building, completed in 2016, features studio, one and two-bedroom units, as well as a rooftop deck and fitness center.

Prairie Villas Apartment Homes — Deepak Mehta | $19 million

An individual named Deepak Mehta paid $19 million for the apartment building at 18400 Prairie Street in Northridge. The seller is Starpoint Properties, which acquired the property for an undisclosed amount in 1999. Dubbed Prairie Villas Apartment Homes, the two-story complex features 73 units. There is also a swimming pool, barbeque area, gym and laundry at the site.

The Culver — Mapleton Properties | $15.7 million

Mapleton Properties, a privately held firm based in Beverly Hills, paid $15.7 million to acquire the Culver, a 28-unit apartment building located in Palms, near Downtown Culver City. The seller was a Debbie and Hart Cohen family trust, which acquired the property for $8.8 million in 2013, records show. Located at 3325 S. Canfield Avenue, the four-story apartment building has studio and two-bedroom units. Amenities include a barbeque area, gym and underground parking.

4227 McLaughlin Avenue — Alan Feit | $9.46 million

Alan Feit, an executive at Feit Electric Co., paid $9.46 million to acquire a newly constructed apartment building at 4227 McLaughlin Avenue in Mar Vista. The seller was Simon Lazar of Oakmont Capital. The modern-style building features 27 units, reflecting a mix of one, two, and three-bedroom apartments. A rooftop lounge and fitness center are among some of the amenities.

11815 Mayfield Avenue — The Roberts Companies | $7.76 million

Multifamily landlord the Roberts Companies, led by Robert Blumenfield, paid $7.76 million for a 15-unit apartment community in Brentwood. The seller was a family trust named Carol Moss Spivak. Located at 11815 Mayfield Avenue, the low-rise building includes one, two and three-bedroom apartments, with some of the units already partially furnished. It last traded for $1.35 million in 2016.

Related Article

Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

Blackstone digs deeper into SoCal with massive rental portfolio buy

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

Daniel Wrublin (right), principal of Dalan Management and Gregory Fowler, managing partner at FPA Multifamily with The Vue Apartment Homes in San Bernardino

A strong industrial market in San Bernardino is spurring a multifamily boom

Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex

(Credit: Wikicommons)

More than 10K new apartments hit the LA market in 1 year. That wasn’t enough

JPI CEO Brad Taylor and a rendering of the South Gate project

JPI lands big loan for South Gate’s first apartment project in 30 years

From left: Thomas L. Safran and President of Thomas Safran & Associates Andrew David Gross with the project site

An affordable housing developer eyes South LA industrial site for 127 resi units

Richard Heyman and May Phutikanit with the project site (Credit: Google Maps and iStock)

Hollywood hotel developer Relevant Group is getting in the affordable housing game