LA County’s top 5 multifamily investment sales of April

Combined, they totaled $140M
By Natalie Hoberman |
Research by Haru Coryne
May 20, 2019 03:00PM

The Gershwin Apartments and AvalonBay CEO Timothy Naughton and the complex

The Gershwin Apartments and AvalonBay CEO Timothy Naughton and the complex

Multifamily sales picked up in April, as developers and investment firms spent a combined $139.8 million on the five biggest apartment building buys that month. Compare that to the top five multifamily trades in March, which totaled only $114 million.

The largest April deal was a $60.5 million purchase in Cerritos by AvalonBay, the fourth-largest apartment owner in the country. Rounding out the top five were deals in the Pasadena, Hollywood, Van Nuys and Gardena.

The Real Deal compiled the list based off property records from PropertyShark, as well as business registration records.

1. 12651 Artesia Boulevard — AvalonBay | $60.5 million

One of the country’s largest multifamily developers picked up another apartment complex in Cerritos in April for $60.5 million. Located at 12651 Artesia Boulevard in Southeast Los Angeles, the 132-unit building includes a swimming pool, barbecue area and gym. AvalonBay bought the complex from the Richman Group of Companies, which built Sage at Cerritos in 2017. Records show the deal, which was made through LLCs, closed May 1.

2. 5533 Hollywood Boulevard — Lari Gershwin LLC | $46 million

Massie Capital Management, an L.A.-based firm that focuses on “mispriced assets,” sold an apartment complex at 5533 Hollywood Boulevard in Hollywood for $46 million. The buyer was Lari Gershwin LLC, which business records tie to another entity known as TJC Real Estate Fund. Dubbed Gershwin Apartments, the property features 163 apartments with 10,500 square feet of ground-floor retail space. The owner bought the complex from CIM Group in 2015 for $22 million, records show.

3. 164 South Orange Grove Boulevard — Alan Wu | $12.1 million

Alan Wu, acting through an LLC named ARC RH, paid $12 million to acquire a 20-unit apartment building in Pasadena. The seller was Jen-Rong Chu, who sold the property through Unison Investment Company LLC. Records show Chu paid about $10 million for the apartment complex in 2014. The Ambassador Campus Apartments, located at 164 South Orange Grove in Pasadena, were built in 1949 and sit on a 61,000-square-foot lot. It features one, two and three-bedroom apartments.

4. 7317 Sepulveda Boulevard — Walter Castro | $9.3 million

Osborn LLC, which is tied to an individual named Walter Castro, spent $9.3 million on a Van Nuys apartment complex at 7317 Sepulveda Boulevard. PCS Holdings LLC, controlled by Joseph Fryzer, sold the 57-unit building. The property had been in the hands of the Fryzer family trust since at least 2001, records show. Known as the Sepulveda Place Apartments, the property includes one- and two-bedroom units within a three-story building.

5. 818 East Route 66 — Young Family | $9.3 million

A joint venture made up of several family members picked up a Glendora apartment complex for $9.3 million. Records show Peter and Ida Young acquired a 59 percent stake in the property, while Michael Hungwan, Joyce Carol, Michael, Andrew Dunewan and Emily Hiu-Mon Young acquired smaller stakes in the dated building. The seller was Chul and Jung Han of the Han Family trust. Built in 1946, the property includes 17 units.