Venture Property Management Parts With 3 LA-Area Apartment Properties For $119M
San Fernando Valley-based Venture Property Management sold off three multifamily properties across the Los Angeles basin for just over $119M.
Mountainview Venture Apartments sold for $38.5M to Arcadia-based Positive Investments, L.A. Business First reported. The property at 1375 West San Bernardino Road in Covina holds 139 units across almost 3 acres and six buildings.
Westbourne Venture Apartments in West Hollywood sold for $20M to an unnamed investment company based in California. The 47-unit property at 727 Westbourne Drive offers a rooftop pool and sweeping city views.
Santa Clarita’s Woodglen Venture Apartments at 25910 Tournament Road sold for $60.5M to Dana Point-based Raintree Partners.
All properties received at least 15 offers, Berkadia Los Angeles Managing Director Adrienne Barr said in a statement. Barr, along with attorney Mitchell Shapiro, represented the seller in the transactions.
“Buyers were attracted to the tremendous rental upside, the amenitized properties and the desirable locations,” Barr said.
The multifamily market in Los Angeles County, as elsewhere in the state and nation, has seen strong rental growth. The average rent was up 7.7% in the first quarter of this year, NAI Capital found. Sales volume in the first three months of this year was up 56.5% year-over-year, to more than $1.7B.