(Read more on the multifamily market.)

|

LOS ANGELES-Investors have acquired a 300-unit apartment complexin Upland for $40.9 million and an 18-unit property in West LosAngeles for $5.6 million, according to brokers from Hendricks &Partners and Sperry Van Ness who negotiated the deals. The Uplandproperty is the Woodlane/Timberlane at 1472-1580 W. Eighth St. andthe West Los Angeles complex is at 1636 S. Barrington Ave.

|

In the Upland deal, the Sares-Regis Group of Irvine bought theproperty from a private investor. The Woodlane/Timberlane complexwas built in two phases in 1973 and 1976 and is composed of 21two-story buildings that total 253,450 sf.

|

The 300 units consist of about 75% one-bedroom apartments and25% two-bedroom units, with the buildings on three separate parcelstotaling approximately 11.35 acres. According to Margie Molloy ofthe Inland Empire office of Hendricks & Partners and Joe Leonof the firm's Newport Beach office, the deal represented anopportunity for the buyer to acquire an already renovated propertywith substantial upside potential.

|

The Hendricks & Partners brokers point out that theWoodlane/Timberlane complex is located in "one of SouthernCalifornia's most desirable in-fill locations." The submarketsurrounding the property consists of high-priced, single-familyneighborhoods, the prestigious Claremont Colleges and the1.36-million-sf Montclair Plaza Regional Mall, with easy access totwo major freeways, they point out.

|

In the West Los Angeles transaction, a Los Angeles-based privateinvestor bought the 1636 S. Barrington property from anotherprivate investor. Built in 1986, the non-rent-controlled complexconsists entirely of two-bedroom, two-bathroom units and was 100%occupied at the close of escrow.

|

According to Kevin Kawaoka of Sperry Van Ness in Los Angeles,"rents are continuing to rise and non-rent-controlled propertieslike this one are in high demand." He adds that the West LosAngeles multifamily inventory has contracted a bit, furtherincreasing demand for such properties.

|

Kawaoka and Kevin N. Sabin of Sperry Van Ness in Los Angelesrepresented the buyer, with the seller represented by Guy HockerIII of Hocker Realty.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.