LA County’s top 5 multifamily investment sales in July

Chicago-based Lasalle led the pack with a big buy near red hot Warner Center

Aug.August 16, 2018 03:00 PM
LaSalle CEO Jason Kern, 6250 Canoga Avenue

The five largest multifamily trades of July in Los Angeles County include one nine-digit sale and totaled $297 million.

The sales were spread around the county, from as far east as San Dimas to the western San Fernando Valley, where the top sale of the month went down. The July figures were compiled from property records by Property Shark.

1. Triana at Warner Center — Lasalle Investment Management | $157M

As its name indicates, this 362-unit complex is located near the Warner Center neighborhood in Woodland Hills, at 6250 Canoga Boulevard. The largely commercial area, which includes the Westfield Topanga shopping mall, has seen hundreds of millions of dollars in investment in recent years. They include commercial, multifamily and multi-use projects like Adler Realty Investments’ 1,000+ unit project on Burbank Boulevard. Lasalle, a Chicago company, purchased the Triana complex from Prudential Financial subsidiary PGIM.

2. Trails at San Dimas — Korda Group | $78.5M

Westside-based Korda Group picked up this 224-unit complex at 444 N. Amelia Road from Stockbridge Real Estate. The roughly four-decade-old complex appears to be recently renovated. Amenities include a gym, tennis courts, and a dog park. That wasn’t the only big move Korda Group made in July. The firm, also operating as RPK Development, proposed a 158-unit complex near Dodger Stadium in early July.

3. Avana Sunset — L&T Sunrise LLC | $38M

This five-story apartment complex includes 82 units, 84,5000 square feet, and is located a couple hundred feet from the corner of Sunset Boulevard at 1443 N. Fuller Avenue in Hollywood. The seller was Greystar, which purchased the property in 2013. It was purchased by an LLC linked to a May Ling Yu, who is based in the tony Bird Streets neighborhood.

4. Island Apartments — The Bascom Group | $12.5M

Irvine-based Bascom Group picked up this 76-unit multifamily at 8222 Rosemead Boulevard from Bluebird Investments LP, which is based in Calabasas. Bascom exec Lee Nguyen said the firm plans to renovate the complex to make it “attractive for the next decade.” The complex dates from the 1950s. Bascom secured a $9.6 million loan from the California Bank & Trust for the purchase. It last traded for $7 million in 2014.

5. 1031 N. Crescent Heights Boulevard — Blue Arch Investments | $11.2M

Blue Arch Investments has been active all around Los Angeles County this year and West Hollywood is no exception. The investment group picked up this 15-unit apartment building from GF Properties. Blue Arch is also busy in Downtown Los Angeles, where its building a 15-story hotel in South Park. It struck a deal with Hyatt for branding in June.  It also offloaded a shovel-ready site in Van Nuys to FMB Development for $9.5 million.

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