LOS ANGELES-Two buyers have paid approximately $16 million for81 apartment units on the Westside of Los Angeles in two separatedeals that have closed recently, according to the buyers and theirbrokers. In one transaction, Sherman Oaks-based M West Holdingsreports that it acquired 60 units in the Westside community ofPalms. In the other, 10th Street Partners LLC bought 21 units inSanta Monica in a sale brokered by Colliers International thattraded at a cap rate of 4.11%.

The M West acquisition is at 10705-10725 Rose Ave., a complex offour two-story garden-style apartment buildings. According toindustry sources, M West acquired the property from LosAngeles-based Lowe Enterprises, which bought it in 2006 in a jointventure with Sebren Development, according to a GlobeSt.com reportat the time. M West says it will rebrand the complex as PacificRose Apartments to highlight its Rose Avenue location, one of themost desirable streets in Palms, which M West describes as "anaffordable, middle class, mostly rental housing Westside community,with excellent neighborhood shopping available."

The deal "reflects M West Holdings' strategy to acquire SouthernCalifornia multifamily properties located in stable, infillmarkets," the Sherman Oaks-based company says in a news release.The property features two landscaped courtyards, an onsite leasingoffice, and over 156 linear feet of frontage on Overland Avenue,one of the main thoroughfares connecting Westwood to CulverCity.