Kort & Scott picks up 192-unit community for $81M in Norwalk, California

RedHill Realty Investors, Shelter Asset Management and Tokyu Land sell property

Los Angeles /
Aug.August 31, 2021 11:30 AM
Kort & Scott picks up 192-unit community for $81M in Norwalk, California
Lee Kort of Kort & Scott Financial Group and Solterra at Civic Center at 12700 Bloomfield Ave. (Google Maps, MHPHOA)

A large owner of mobile homes and manufactured housing units is increasing its portfolio of rental communities with a purchase in Norwalk, California.

An LLC linked to Lee Kort of Kort & Scott Financial Group bought a 192-unit rental community at 12700 Bloomfield Ave. in Norwalk for $81 million, property records show. JLL brokered and announced the deal, but did not mention the buyer. Kort & Scott could not be reached for comment.

San Diego-based RedHill Realty Investors, Shelter Asset Management and Tokyu Fudosan’s Tokyu Land sold the property, which they purchased for $27.1 million in 2017, records show.

Built in 1987, the Solterra at Civic Center community includes a range of one- and two-bedroom apartments, 49 of which have been renovated.

Kort & Scott’s purchase is on the pricier end of recent multifamily sales across Los Angeles County. In June, Harbor Group International bought a 220-unit community in Pomona for $46.75 million.

In Norwalk, Kort & Scott also owns a 249-unit apartment complex at 11645 Firestone Blvd, which it bought using a $42.6 million Fannie Mae acquisition loan in 2017. The firm also operates over 35 mobile home communities in California, as well as in Arizona, Colorado and New Mexico, according to a mobile home residents association.





    Related Articles

    arrow_forward_ios
    California Home Builders' Shawn Evenhaim and Q Apartments at 5901 Center Drive, Playa Vista (The Q Playa, California Home Builders, Getty)
    Developer applies Q brand to Playa Vista apartments
    Developer applies Q brand to Playa Vista apartments
    Los Angeles Councilman Marqueece Harris-Dawson and Area around USC in Exposition Park (Wikipedia, Hunter Kerhart Architectural Photography)
    New LA plan seeks to protect affordable housing near USC
    New LA plan seeks to protect affordable housing near USC
    From left: Gelt's Steve and Keith Wasserman with 4041-4121 Radford Ave (Realtor, Gelt, Getty)
    Gelt pays $76M for 149-unit complex in Studio City
    Gelt pays $76M for 149-unit complex in Studio City
    John Wayne and 2612 Mesa Drive in Newport Beach (Getty, Zillow)
    Former duck farm in Newport Beach asks $25M
    Former duck farm in Newport Beach asks $25M
    (Illustration by The Real Deal with Getty)
    In Pasadena, houses of worship can build affordable housing
    In Pasadena, houses of worship can build affordable housing
    A rendering of 4827 South Crenshaw Boulevard (Hopson Rodstrom Design)
    32-unit apartment complex planned for Hyde Park
    32-unit apartment complex planned for Hyde Park
    (Illustration by Priyanka Modi for The Real Deal with Getty)
    August home sales rose 8% in SoCal, despite summer slowdown
    August home sales rose 8% in SoCal, despite summer slowdown
    Related California's Bill Witte and a rendering of Related Bristol at 3694 S Plaza Drive in Santa Ana (City of Santa Ana, Related California)
    Related California eyes 42-acre mixed-use project in Santa Ana
    Related California eyes 42-acre mixed-use project in Santa Ana
    arrow_forward_ios

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

    Loading...