The Real Deal Los Angeles

LA’s top multifamily investment sales of December

Sherman Oaks-based MWest made a couple of big deals to close out the year
By Dennis Lynch |
Research by Haru Coryne
January 22, 2019 04:00PM

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.