Material Comforts has bought a portfolio of 16 apartment complexes in the San Fernando Valley for $85 million.
The Florida-based investor led by Sholom Coleman purchased the nearly 596 apartments in Van Nuys, North Hills, Panorama City and Canoga Park, the Los Angeles Business Journal and the Commercial Observer reported.
The sellers were Chicago-based Heitman, Atlanta-based Invesco and Ethos Real Estate, based in Manhattan Beach.
The deal, the sixth-largest portfolio sale in L.A. County last year, worked out to $142,600 per unit. Brokers Rabbie Banafsheha, Kristen Sullivan and Arteen Zahiri of Marcus & Millichap represented the buyer, while the firm’s Tony Azzi represented the sellers.
The apartment buildings are at 6706 Hayvenhurst Avenue, and 15125 and 21205 Saticoy Street in Van Nuys; 8503 and 9010 Tobias Avenue, 14612-14654 and 14732 Blythe Street in Panorama City; 9014-9034 and 9014-0034 Orion Avenue in North Hills.
The address of the Canoga Park complex or complexes was not disclosed.
Most of the properties are small, with the vast majority under 30,000 square feet, according to the Observer.
The largest complex, Midtown Apartment Homes at 9010 Tobias Avenue in Panorama City, has 201 units across 160,900 square feet.
Material Comforts partnered with National Community Renaissance, a nonprofit group trying to expand affordable housing in Los Angeles, on the sale. National Core provided unspecified financing.
Read more
Residential
Los Angeles
Haroutunians plan 168 apartments in San Fernando Valley
Development
Los Angeles
Alliant constructs 332-unit workforce development in Van Nuys thanks to transit incentives
Commercial
Los Angeles
LA Housing Authority pays $142M for Woodland Hills apartment complex
Under terms of the purchase, National CORE will ensure that at least half the apartment tenants earn less than 80 percent of area median income, qualifying the buyer for a property tax abatement.