LA MIRADA, CA-Somerset Glen Apartments LP has acquired the161-unit Somerset Glen seniors apartment complex at 13380Hillsborough Dr. from Coyote Creek Housing Partners LP for $16.1million in one of three L.A. County multifamily deals totaling morethan $27 million that have closed recently. The property, built in1999 using low income housing tax credits, is “the premier activeseniors rental property in La Mirada,” according to RobertSheppard, senior vice president in the Tax Credit Group of Marcus& Millichap.

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“The property has strong historical occupancy and was 100percent occupied at the time of the sale,” said Sheppard. The TaxCredit Group, which represented the buyer, is led by Sheppard,along with Armand Tiberio, a first vice presidents investments, andSpencer Hurst, a vice president investments. Alexander Garcia, asenior vice president investments in the firm’s Ontario office,also provided representation. Garcia and TCG also represented theseller.

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The property’s Hillsborough Drive location in southeastern LosAngeles County is near the Orange County border. It was built underthe Section 42 LIHTC program and has extended use restrictions inplace until 2028. The complex consists of 128 one-bedroom/one-bathand 33 two-bedroom/one-bath apartments. The gated communityfeatures amenities including a clubhouse, on-site laundryfacilities, barbecue area, fitness center, library, swimming pooland spa. The units contain well-equipped kitchens, ample storage,walk-in closets and private balcony or patio.

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In the two other deals, Albert Shilton of Charles Dunn Co.’sWest Los Angeles office negotiated the sale of two apartmentcomplexes located in Studio City and North Hollywood totaling $11.4million.

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One property was the 52-unit Orion at 4176 Arch Dr. in StudioCity, which sold for $6.8 million. The other was the 33-unit VistaVillas Apartments at 4215 Vineland Ave., in North Hollywood, whichsold for $4.8 million.

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Shilton represented the Orion’s new owner, Studio City Mid RiseApartment LLC. The complex was built in 1963 and is 92% occupied.The seller, the Hurley Family Trust, was represented by C.B.Richard Ellis’ Laurie Lustig-Bower.

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City Walk Apartments, LLC, an entity owned by the same buyer,also purchased the Vista Villas Apartments from the Hurley FamilyTrust. The circa-1962 building is 94% leased. Shilton, whorepresented both the buyer and the seller of the Vista Villas,notes that both of the properties were under contract at full pricewithin days of being listed. “This was an astute buyer. He knewthat this was a rare opportunity to buy two good-sized propertiesin a prime area and did so quickly,” Shilton said.

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