LOS ANGELES-Tangible Properties has sold a real estate portfolio with 41 rental properties totaling 74 units to Turnstone Holding I LP in an all-cash purchase. The listing drew strong attention, generating dozens of bids from potential buyers.

"We met with the seller earlier this year when they were just beginning to explore a potential sale," says Warren Berzack, founder and president of Berzack Investment Property Advisors of Lee & Associates-LA North/Ventura, who represented the buyer in the transaction. "Our previous relationship coupled with the buyer's all-cash offer and reputation for delivering on their purchase agreements gave us a competitive advantage against the other bidders." Todd Drew Weaver of Synergy Commercial Real Estate Inc. represented the seller.

The portfolio consists of single-family and multifamily homes throughout Los Angeles County and the San Fernando Valley with most of the properties in South Los Angeles. The seller acquired the sizable portfolio over a period of 40 years. Although Lee & Associates was not available to comment about Turnstone's plans for the portfolio, the company typically acquires, rehabs and disposes of properties, with a special focus on Los Angeles and Texas.