Westside apartment portfolio fetches $73M

Portfolio, which spans 8 properties and 212 units, in need of renovations

Los Angeles /
Mar.March 01, 2021 10:35 AM
Two buildings in the apartment portfolio (Google Maps, iStock)
Two buildings in the apartment portfolio (Google Maps, iStock)

A portfolio of eight Westside apartment properties traded hands for $72.7 million.

Property records show the seller was BG I Properties LLC, a Beverly Hills-based entity controlled by Victor Bardack. Bardack declined to comment on the deal.

Institutional Property Advisors, which represented the seller, announced the deal late last week, according to the Los Angeles Business Journal. IPA described the buyer as a local multifamily investment firm but did not disclose further details.

The eight properties have a total of 212 units, and were built between 1963 and 1977. The largest are two 30-unit buildings, one in Palms and the other in Sawtelle. The smallest is also the oldest — a 17-unit building in Palms.

IPA Senior Director Kevin Green said in a statement that the seller owned the properties for more than 30 years.

“These unrenovated apartment buildings are in premier West Los Angeles submarkets that have demonstrated extremely strong demand for luxuriously renovated apartment homes,” Green said.

Investment sales — multifamily included — slowed significantly in 2020. Last year saw $6.1 billion worth of multifamily properties trade hands, less than half of the $13.2 billion that traded in 2019.

The buyer’s plans to renovate the properties could be slowed by the state’s eviction moratorium, which is set to expire in June and could be superseded by a more robust moratorium this year. The moratorium bars landlords from evicting tenants for unpaid rent as long as tenants pay at least a quarter of their rent bill by the end of June.


Related Articles

arrow_forward_ios
Kingsbarn's Jeff Pori and Cruzan’s Dennis Cruzan and with 23332 Mill Creek Drive (Kingsbarn Real Estate Capital, Cruzan, LoopeNet)
Cruzan sells Laguna Hills office complex to Kingsbarn
Cruzan sells Laguna Hills office complex to Kingsbarn
Developer Geoff Palmer with one of his properties (Getty, G.H. Palmer Associates)
Geoff Palmer’s lawsuit over tenant protections tossed by judge
Geoff Palmer’s lawsuit over tenant protections tossed by judge
Newmark's Kevin Shannon, Marcus & Millichap's Jordan Asheghian and Tony Azzi, Stepp Commercial's Travis Traweek and Waterford's John Drachman (Newmark, Marcus & Millichap, Stepp Commercial, Waterford Property Company)
Brokers tell clients to sell before transfer tax deadline
Brokers tell clients to sell before transfer tax deadline
Harbor Group International's Jordan Slone and Principal Financial Group's Daniel Joseph Houston with 3150 Wilshire Boulevard (Harbor Group International, LinkedIn, Google Maps)
Principal Financial sells Koreatown apartments at a loss
Principal Financial sells Koreatown apartments at a loss
Joel Schreiber and KBS Realty Advisors' Charles Schreiber with 445 South Figueroa Street (Shir Stein, LinkedIn, Union Bank Plaza, Getty)
KBS sees “no assurance” Joel Schreiber will close Union Bank Plaza purchase
KBS sees “no assurance” Joel Schreiber will close Union Bank Plaza purchase
Greenland Holdings’ Zhang Yuliang and Northland’s Matthew Gottesdiener with the THEA at Metropolis at 1000 W. 8th Street in Los Angeles (TheaDTLA, LinkedIn, Getty)
“Borderline offensive”: Why Greenland lost $200M on its LA tower
“Borderline offensive”: Why Greenland lost $200M on its LA tower
Oracle's Larry Ellison with 2600 Colorado Avenue (Loopnet, Getty)
Oracle puts Santa Monica office complex up for sale
Oracle puts Santa Monica office complex up for sale
111 W 7th Street (LoopNet, Getty)
LLCs linked to SB Properties object to Laguna Point’s lawsuit over $400M apartment sale
LLCs linked to SB Properties object to Laguna Point’s lawsuit over $400M apartment sale
arrow_forward_ios

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

Loading...