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The Real Deal Los Angeles

LA County’s top 5 multifamily investment sales of October

Pacific Urban Residential sold the 2 most-expensive properties
By Natalie Hoberman |
Research by Haru Coryne
November 21, 2018 05:00PM

Pacific Urban Residential co-founder and CEO Alfred Pace and Vue at Warner Center

The five biggest multifamily investment sales in October totaled just $143.5 million in October, reflecting a sharp drop from September’s $505 million.

Pacific Urban Residential, a multifamily investment firm based in Palo Alto, sold the two most-expensive properties. Together, they accounted for nearly two-thirds of last month’s combined activity.

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

1. Vue at Warner Park | $50.1 million

Real estate investment firm Interstate Equities Corp. paid $50.1 million to acquire a multifamily complex at 21530 and 21616 Califa Street in Woodland Hills. The property is dubbed Vue at Warner Park. Pacific Urban was the seller. Built in 1978, the complex includes 73 units spread out over several low-rise buildings. Pacific Urban, acting through an LLC named Pur Onyx Apartments, acquired the property for $15.8 million in March 2015, property records show.

2. Vue Hollywood Apartments | $45 million

Pacific Urban also unloaded the Vue Hollywood Apartments, a four-story apartment building in Hollywood. An LLC named Alta Vista Sunset purchased the property for $45 million. The entity is controlled by a lawyer named Randel Davies, business registration records show. Located at 1425 North Alta Vista Boulevard, the 94,000-square-foot property includes 92 units. It also features a swimming pool, barbeque pits and four laundry rooms.

3. Montana Apartments | $17.6 million

An entity controlled by Betty Koppl, owner of San Francisco-based Copeland Park Communities, paid $17.6 million to acquire a small apartment complex in Brentwood, titled Montana Apartments. The seller of the complex, located at 11908 Montana Avenue, was Baron Equities. Built in 1973, the Montana Apartments include 24 units in a 39,000-square-foot building. It is located adjacent to the Brentwood Village, a popular retail strip in the upscale neighborhood.

4. 114 South Bonnie Brae Street | $17.6 million

Cityview, an investment management and development firm, paid $17.6 million to acquire a dated complex at 114 South Bonnie Brae Street near Westlake. Solstar Investments, which focuses on hotels and senior living facilities, sold the building to Cityview. The property, built in 1923, includes 12 units. It last traded for $1.6 million three years ago, property records show.

5. Sierra West | $10.9 million

Allen Properties paid $10.9 million to acquire the Sierra West apartments at 320 West Bennett Avenue in Glendora. The seller was Properties International, a property management and investment firm with offices in Glendale and Pasadena. Built in 1963, the garden-style complex includes 27 units spread across 10 separate single-story buildings. It recently underwent several upgrades, where its owners renovated the property with new tile flooring, granite countertops and new appliances.