179-unit apartment portfolio on market in central LA

Package includes nine buildings from East Hollywood to Westlake

(Zillow)
(Zillow)

Multifamily landlord Billy Ruvelson is looking to cash out of a 179-unit multifamily portfolio that includes nine buildings from East Hollywood to the Westlake district on the edge of Downtown Los Angeles.

The package is on the market for $44.6 million, according to Zillow. The addresses included in the listing are 1006 Mariposa Avenue (25 units) 1015, 1017 and 1021 Mariposa Avenue (23 units), 1018 Mariposa Avenue (24 units), 1250 North Kingsley Drive (24 units), 5525-5527 Virginia Avenue (18 units), 222 Roselake Avenue (10 units), 1401 South Catalina Street (12 units), 1237 Magnolia Avenue (9 units) and 1251 Magnolia Avenue (34 units).

The properties have a mix of 15 studios, 115 one-bedroom units, 42 two-bedroom units, and six three-bedroom units. The listing also mentioned the possibility of adding more units to the portfolio. There are currently approved permits to build two additional apartments at the 1006 Mariposa property.

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Ruvelson owns the properties through a company called Sperone Land. A previous report on GlobeSt said that Ruvelson founded the entity in 2012.

Icon Company, another firm that Ruvelson operates, is currently building a large multifamily development in Panorama City in the San Fernando Valley. The $150 million project, called The Icon at Panorama City, is a 623-unit housing development built on the former site of the Montgomery Ward shopping center. The project got City Council approval in 2018. However, it faced legal challenges from labor unions, with questions being raised about the project’s environmental impact report.

David Kaufman holds the listing for the portfolio. He did not respond to a request for comment.