LA’s top multifamily investment sales of December

Sherman Oaks-based MWest made a couple of big deals to close out the year

TRD LOS ANGELES /
Jan.January 22, 2019 04:00 PM
The three top multifamily trades of December 2018

As 2018 was coming to a close, multifamily investors inked Los Angeles’ largest deals on the eastside of the city.

The largest asset to trade was a 168-unit complex in Koreatown, and the smallest was a 30-unit a few blocks away. MWest Holdings was involved in two of the biggest deals of the month — one as the seller and one as the buyer.

1. Emerald Terrace | $90M
MWest Holdings sold this 159-unit apartment complex at 136 S. Virgil Avenue to Equity Office for around $566,000 per unit. MWest bought the complex three years ago for $66.5 million. Emerald Terrace, which dates from the early 1970s, is located in the Rampart Village area.

2. The View | $73.3M
Around the same time MWest was closing the sale for Emerald Terrace, it was closing a deal with CIM Group for this 168-unit complex at 3460 W. 7th Street in Koreatown. The Sherman Oaks firm paid around $436,300 per unit for the complex, the highest rate among the top deals of the month. It last sold in 2013 for $63 million and is located two blocks from the Metro Purple Line’s Wilshire/Normandie Station.

3. Parkwood Apartments | $20.2M
Cohen Goldstein Investment Strategies, or CGI Strategies, picked up this Los Feliz apartment building at 4646 Los Feliz Boulevard from an individual named Martin B. Goldman. With 78 units, Woodland Hills-based CGI paid around $258,300 per unit. The building dates from the mid-1970s and the units have not been significantly renovated since then, but the building is 94 percent leased. The sale was completed with financing from Bank Leumi. CGI is currently developing a 173-unit project in Koreatown, and is nearing completion on a 121-unit project nearby.

4. 742 S. Harvard Boulevard | $13.2M
Investor Morris Maky paid Harry H. Ahn $440,000 per units for this 30-unit complex around the corner from MWest’s The View building. The complex was completed in 1985.

5. 2130 Fair Park Avenue | $11.8M
This 36-unit building is located near Occidental College in Eagle Rock. The buyer was David N. Shultz, Incorporated, a property management company based in nearby Glendale. The seller was GF Properties, a Sherman Oaks-based firm with properties in the City of L.A., Beverly Hills, and Sherman Oaks.


Related Articles

arrow_forward_ios
Carlyle Group co-CEO Kewsong Lee, Holland Partner Group CEO Clyde Holland, and the Sofia Los Angeles (credit: North American Sekisui House, LLC)

Carlyle Group pays $273M for big apartment complex in Westlake

29th Street Capital founder Stan Beraznik, Jason de Guzman, the firm’s senior vice president for acquisitions for L.A., and the three buildings at 131, 143, and 171 S. Burlington Avenue

Westlake apartment portfolio sells a year after tenants battled landlord over rent hike

Barings Head of Alternative Investments Anthony Sciacca, and DWS Head of Americas Bob Kendall (Credit: Google Maps)

DWS Group pays $100M for WeHo resi complex

A rendering of Del Rey Pointe and a map of the project site (credit: LADCP)

To reach the tech giants in Playa Vista, apartment developer wants to build a bridge

WS Communities Development Manager Taylor Glieden and a rendering of the 501

WS Communities targets Santa Monica with plans for 4th resi development

Strategic Legacy Vice President Michael Sabet and a rendering of 11410 W. Burbank Boulevard

Residential development is heating up in North Hollywood; here comes one more project

The Gershwin Apartments and AvalonBay CEO Timothy Naughton and the complex

LA County’s top 5 multifamily investment sales of April

LA County’s top 5 multifamily investment sales of March

arrow_forward_ios