This online LA rental platform is a multifamily buyer

LAApartments.biz acquired a 100-unit resi complex in the San Fernando Valley

Los Angeles /
May.May 29, 2019 02:00 PM
John Chiu and 12711 Branford Street (Credit: Google Maps)
John Chiu and 12711 Branford Street (Credit: Google Maps)

LAApartments.biz just made its second multifamily property purchase in a month.

The online rental platform acquired a 100-unit development in the San Fernando Valley, according to property records.

The Palms-based company purchased the Branford Villa Apartments in Pacoima for $23.5 million. It was acquired through its entity Osborn LLC, managed by Walter Castro. Earlier this month, the company closed on a different apartment complex, this one in Van Nuys, for $9.3 million.

The eight-building property in Pacoima is located at 12711 Branford Street. It includes 79,800 square feet of space. It was registered to an entity controlled by a neurosurgeon named John C. Chiu. He had purchased the site for $17.8 million in 2015.

Records show LAApartments.biz — through Osborn LLC — owns at least three other multifamily properties in the Valley, including another in Pacoima, purchased in 2012, and two in the North Hills, purchased in 2014.

Home sales have cratered in the San Fernando Valley, hitting a 35-year low in February when just 266 homes sold in the 260-square-mile region. Meanwhile, rents are rising are in the area. In March, the city of Santa Clarita recorded the biggest rent increases in the L.A. metro area.


Related Articles

arrow_forward_ios
Chris Pearson with 22111 Erwin Street (MTV, Google Maps)
Were landlords negligent in death of reality TV star?
Were landlords negligent in death of reality TV star?
Midwood CEO John Usdan  and a rendering of  Sportsmen’s Lodge hotel (Midwood, Kilograph)
Sportsmen’s Lodge Hotel redevelopment catches environmental endorsement
Sportsmen’s Lodge Hotel redevelopment catches environmental endorsement
Rendering of Instil Bio's life sciences campus project at 18404-18412 Oxnard Street (CBRE)
Instil Bio to build manufacturing plant in Tarzana
Instil Bio to build manufacturing plant in Tarzana
Rendering of 220k SF Storage Facility In Van Nuys (KSP Studio, City of Los Angeles, iStock)
Developer wants to pack more self storage into Van Nuys site
Developer wants to pack more self storage into Van Nuys site
Councilman Bob Blumenfield with 5300 N. Oakdale Ave (Dean Musgrove, iStock)
Last commercial orange grove in the San Fernando Valley slated for luxury homes
Last commercial orange grove in the San Fernando Valley slated for luxury homes
LA Rams quarterback Matthew Stafford and 24200 Hidden Ridge Road (Getty, EGC Real Estate Group)
LA Rams QB Matthew Stafford flips Hidden Hills home for $21M
LA Rams QB Matthew Stafford flips Hidden Hills home for $21M
LA Metro CEO Stephanie Wiggins and a rendering of the East San Fernando Valley Light Rail Line (LinkedIn/Stephanie Wiggins, Metro)
Feds pledge $900M for San Fernando Valley light-rail line
Feds pledge $900M for San Fernando Valley light-rail line
From left: Bob Hope, Dolores Hope and Ron Burkle in front of 10346 Moorpark Street in Toluca Lake (Getty Images, Zillow, iStock)
Ron Burkle lists Bob Hope’s former estate in Toluca Lake
Ron Burkle lists Bob Hope’s former estate in Toluca Lake
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...