Praedium Group, Ocean West Sell Multifamily Portolio for $59.3 M

COSTA MESA, CA—The Praedium Group, a New York City based nationalreal estate investment firm andlocal operating partner, Ocean West Capital Partners, a real estate owner and manager based in Los Angeles, CA, announced the disposition of the eight-property Westbay Portfolio in Costa Mesa, CA for $59.3 million. The partnership originally acquired the portfolio in 2010 for $46.8 million and the assets were sold separately to a number of individual investors based in Southern California.  In December 2012, the partnership sold the final five assets in the portfolio.

 “The Westbay Portfolio was a selection of assets that were very well located but underperforming on acquisition,” said Praedium Managing Director Bob Murray. “We were able to implement a strategic management plan that improved the operations of the assets and increase the revenue of the portfolio by 18.3% during our ownership.”