5-Property Apartment Portfolio Sells For $51M In San Fernando Valley
Further illustrating the demand for multifamily units in Los Angeles, a five-property apartment portfolio in the San Fernando Valley sold for a combined $51M, according to KW Commercial Off-Market Multifamily Specialist Michael Koshet.
Koshet represented the undisclosed seller and buyers Lion Real Estate Group, which purchased three apartment communities, and Xenon Investments, which purchased the other two properties.
The seller was the original developer of all five assets and served as the property manager for 30 years, Koshet said.
"With the multifamily industry experiencing record pricing, the family agreed to sell their entire Los Angeles multifamily portfolio for a set price of $51M with aggressive terms and timelines," Koshet said in a statement.
The buyers had to agree to the seller’s price and close in 60 days.
"Prices are healthy and buyers are abundant,” he said. “Buyers are willing to pay more for off-market opportunities opposed to the traditional listing process where everyone knows about the deal.”
Xenon Investments acquired two 18-unit properties at 6651 Haskell Ave. and 6643 Haskell Ave. in Van Nuys.