NORTH HILLS, CA-GlobeSt.com has learned exclusively that a private investor has sold a multifamily portfolio here that includes 9014, 9022 and 9034 Orion Ave. and 9015 Langdon Ave. here to another private investor for $9.5 million. The buyer is planning to hold the 102-unit portfolio for long-term investment in order to realize its upside rent potential. The properties at 9014, 9022 and 9034 Orion Ave each contain 26 units, while the property at 9017 Langdon Ave. contains 24 units.
SVP Han Widjaja Chen of Lee & Associates‘ investment-services group represented both the buyer and the seller—whose identities were not revealed to GlobeSt.com—in the transaction. “As the multifamily investment market trends upward, more sellers are ready to transact at market price,” said Chen in a prepared statement. “Buyers are taking the low interest-rate opportunities to acquire attractively priced assets with good cash flow as a hedge against other types of investments. This sale provided a ‘win-win’ situation for the buyer and seller, who were both able to achieve their investment goal through this transaction.”
As GlobeSt.com reported exclusively earlier this week, Clarice Clarke, a 25-year commercial real estate veteran, has been named president of Lee & Associates–Central Coast which includes the Santa Barbara, San Luis Obispo and Santa Maria offices. Clarke, who joined Lee in 2008 as a firm shareholder, will be responsible for all management activities and will oversee the Central Coast offices’ operations, as well as her ongoing brokerage activities. She is currently the only active female president in Lee’s network of 46 offices across the country.
Are more market-price deals going through in the continuing low-interest-rate environment? Give us your opinion in the box below.