LOS ANGELES-Two buyers have paid approximately $16 million for 81 apartment units on the Westside of Los Angeles in two separate deals that have closed recently, according to the buyers and their brokers. In one transaction, Sherman Oaks-based M West Holdings reports that it acquired 60 units in the Westside community of Palms. In the other, 10th Street Partners LLC bought 21 units in Santa Monica in a sale brokered by Colliers International that traded at a cap rate of 4.11%.

The M West acquisition is at 10705-10725 Rose Ave., a complex of four two-story garden-style apartment buildings. According to industry sources, M West acquired the property from Los Angeles-based Lowe Enterprises, which bought it in 2006 in a joint venture with Sebren Development, according to a GlobeSt.com report at the time. M West says it will rebrand the complex as Pacific Rose Apartments to highlight its Rose Avenue location, one of the most desirable streets in Palms, which M West describes as “an affordable, middle class, mostly rental housing Westside community, with excellent neighborhood shopping available.”

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