Kort & Scott picks up 192-unit community for $81M in Norwalk, California
RedHill Realty Investors, Shelter Asset Management and Tokyu Land sell property
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.