George Soros protege buys newly built multifamily complex in Mid-City

An entity tied to Mark Sonnino acquired the recently built property

TRD LOS ANGELES /
May.May 24, 2019 01:00 PM
5955 Saturn Street and Mark Sonnino (Credit: BuzzBuzzHome)
5955 Saturn Street and Mark Sonnino (Credit: BuzzBuzzHome)

A New York hedge funder who also does business in Miami is dipping his toe into the Los Angeles multifamily market.

An entity tied to Mark Sonnino, protege of billionaire investor George Soros, paid $21 million for a multifamily complex built this year, property records show. The 29-unit building is on the border of Beverly Hills and Mid-City. The registered owner is CLZ Associates, an LLC Sonnino controls, which is based in Miami Beach.

The seller of the building at 5955 Saturn Street was Mojtaba Sajjadieh. He unloaded the property through an LLC using the building address. Planning documents from 2015 reveal Sajjadieh is also the developer of the building.

Neither Sonnino nor Sajjadieh could be reached for comment.

Tthe four-story building includes a mix of one, two, and three-bedroom units that range from 575 to 1,377 square feet. Out of the 29 units, two are set aside as affordable. There is a fitness center and underground parking garage for 57 cars.

Though filings indicate the building was intended to include only apartments, recent marketing materials advertise the units could be sold individually as condominiums.

Sonnino is an active investor in New York, where he co-founded Satellite Asset Management. Before it shuttered, the fund had close to $7 billion under management in early 2008. He recently sold a commercial office building in New York City’s Chelsea neighborhood for $43.3 million to a London-based developer.


Related Articles

arrow_forward_ios
From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

David Nagel

Decron Properties, in multifamily expansion mode, pushes into Warner Center

Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)

One of nation’s biggest apartment builders scores $165M refi on West LA development

From left: Canyon Crest Views Apartments and Sunset Ridge Apartments

Multifamily investor Afton Properties adds nearly 1K units to portfolio

Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

Blackstone digs deeper into SoCal with massive rental portfolio buy

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

Daniel Wrublin (right), principal of Dalan Management and Gregory Fowler, managing partner at FPA Multifamily with The Vue Apartment Homes in San Bernardino

A strong industrial market in San Bernardino is spurring a multifamily boom

arrow_forward_ios