Westside apartment portfolio fetches $73M

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renovate the properties could be slowed by the state’s eviction moratorium, which is set to expire in June and could be superseded by a more robust moratorium this year.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.