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The Real Deal Los Angeles

LA County’s top 5 multifamily investment sales of September

The total amount topped $500M, far outpacing the previous month
By Natalie Hoberman | October 12, 2018 04:00PM

Property at 6301 De Soto Avenue and 6300 Variel Avenue, with executive from MG Properties Group)

IMT Capital’s $167 million purchase of a Santa Clarita apartment building topped the list of the five biggest Los Angeles County multifamily investment sales in September. But there were other significant acquisitions. Clarion Partners paid $118 million for a 198-unit apartment in Playa Vista and MG Properties paid $93 million for a property in the Woodland Hills-Warner Center area.

For the month, the top five totaled $505 million, far outpacing the August total of $81.3 million. That low amount was in part a reaction to increased interest rates and uncertainty over the outcome of a November ballot initiative, which could lead to expanded rent control measures, market pros said at the time.

The September figures were compiled from property records on Property Shark.

1. 25399 The Old Road | IMT Capital | $166.8M

IMT Capital paid nearly $167 million to acquire a sprawling apartment complex in Santa Clarita. The seller was Goldman Sachs, which had owned the property since 2013. Located at 25399 The Old Road, and called the Stevenson Ranch, it has 510 apartments, 722 parking spaces, a gym, tennis court and volleyball court. The 418,000-square-foot complex was built in 1992.

2. 5710 Crescent Park East | Clarion Partners | $117.5M

An LLC tied to New York-based developer Clarion Partners paid $118 million to acquire the 198-unit multifamily property at 5710 Crescent Park East, in Playa Vista. The seller was Crescent Park Corp., a real estate development firm based in Connecticut. Dubbed Crescent Park at Playa Vista, the complex features a swimming pool, fitness center and business center.

3. 6301 De Soto Avenue | MG Properties | $93M

MG Properties Group spent $93 million to acquire the Carillon Apartment Homes, a 264-unit complex at 6301 De Soto Avenue in the Woodland Hills and Warner Center area. The purchase price worked out to roughly $352,300 per unit. The seller was Fairfield Residential Company, based in San Diego. Built in 2008, the complex sits on five acres near the intersection of El Rancho Drive. It has one- and two-bedroom units with a pool and gym. The residence is near the Westfield Group-owned Westfield Topanga mall.

4. 6300 Variel Avenue | PMI Carabella LLC $82.5M

A Palo Alto-based private investor using the LLC PMI Carabella acquired a 224-unit complex in the San Fernando Valley. Fairfield Residential was the seller. The property, Carabella at Warner Center, is located at 6300 Variel Avenue. The complex includes a fitness center, swimming pool, spa and 300 parking spaces. Institutional Property Advisors brokered the deal.

5. 12000 Idaho Avenue | Gillis family | $45.2M

A Gillis family partnership paid $45.2 million to acquire the Adler Apartments at 12000 Idaho Avenue, near Sawtelle. The selling entity was an LLC tied to Bed Bath & Beyond. The complex includes 34 units, a pool, resident lounges, cabanas and a pet park.