December 1, 2023

A six-property multifamily portfolio within the San Fernando Valley and West Los Angeles has bought for $53.6 million in a number of transactions.

The properties, that are all low-rise house communities, have a mixed 155 residential models.

The house complexes are at 3596 Centinela Ave. in West L.A., 14311-14319 Dickens St. in Sherman Oaks, 12314 Moorpark St. in Sherman Oaks, 4144 Tujunga Ave. in Studio Metropolis, 12207 Riverside Dr. in Valley Village and 12225 Riverside Dr. in Valley Village.

The Moorpark Avenue property, which has 26 models, closed as a single-asset sale. The 2 Valley Village properties bought collectively.

Jones Lang LaSalle Inc. represented the vendor, a company fiduciary performing on behalf of an LLC, within the transactions. There have been three completely different consumers of the portfolio.

The properties had debt positioned in 2020, which JLL mentioned in a press launch was “positively obtained by potential consumers given in the present day’s risky debt market.”

There have been quite a lot of giant multifamily gross sales within the San Fernando Valley lately. Chief amongst them is the Haven Warner Heart, a 205-unit property that bought for $54 million. LA Residences bought the property from a non-public multifamily funding agency.

Haven Warner Heart was inbuilt 1985 and has a mixture of 50 studios, 80 one-bedroom/one-bath models and 75 two-bedroom/two-bath flats unfold throughout three tales. Its facilities embrace a swimming pool and a health heart.

Additionally within the Valley, Golden Bee Properties bought a 200-unit house constructing in Sylmar often known as Mountain View Manor for $39.5 million.

There have been some notable gross sales on the Westside as of late as nicely.

Earlier this yr, Xenon Funding Corp. bought a 113-unit property in Century Metropolis for $66.1 million from Fairness Residential Actual Property

JEB Properties Inc., in the meantime, bought the Glendon Residences in Palms for $11.6 million. The property has 27 models.