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

The Sofia went on the market in June 2018 for $330M

Oct.October 07, 2019 10:25 AM
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 co-CEO Kewsong Lee, Holland Partner Group CEO Clyde Holland, and the Sofia Los Angeles (credit: North American Sekisui House, LLC)

A Holland Partner Group venture has sold the 648-unit Sofia Los Angeles apartment complex in Westlake, unloading the property for about 17% below original asking.

The Carlyle Group paid $272.5 million for the mixed-use property, which had been on the market since June 2018. Carlyle worked through an entity, CPI Sofia Owner LLC, according to Los Angeles County property records.

Development firm Holland and North America Sekisui House — which develops and sells master-planned communities — first listed the complex for $330 million. At the time, the Sofia was 80 percent leased and was adding around 40 leases per month.

The Sofia, at 1120 W 6th St., spans nearly a block northwest of the 110 freeway near Good Samaritan Hospital. Downtown L.A.’s financial hub is just across the freeway.

The complex opened in August 2017. It includes two new construction buildings and a rehabbed former medical building with 42 units. There is also 28,000 square feet of retail space. Retail tenants include Grocery Outlet, Starbucks and Chipotle.

In August, Holland acquired the site of the Taix French restaurant in Echo Park, where it will build 170-unit residential complex with 13,000 square feet of retail.

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