Los Angeles. Photo byShutterstock.

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A Los Angeles, Calif.-based real estate brokerage firm hasannounced the completion of a sale of multiple portfolios in theGolden State that all together traded for more than $100million.

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Marcus & Millichap announced that it completed the ArmorCollection sale, which entails four multifamily portfolios in LosAngeles. The portfolios traded for a total of $102 million, thecompany said.

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In prepared remarks, a senior vice-president of investments forthe company said the transactions had been in progress for roughlyone year, and were finalized just as the coronavirus began tospread across the country.

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"We began the process in early 2019, selling the first portfolioin mid-October, and the last one only recently," Neema Ahadian,vice president in the company's West Los Angeles office, said. "Thefirst portfolio sale was marked by the unfortunate passing of ourclient, and the final portfolio closed as the effects of thecoronavirus took hold of the economy."

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Ahadian represented the client's trust, Pasadena-based PrivateTrust Management Group and procured the buyers.

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The first five properties were sold to Golden Bee Properties,which paid $18.7 million for the portfolios. Cipolla RevocableLiving Trust bought three buildings totaling 62 units in theWilmington neighborhood of Los Angeles. Those buildings sold for$8.7 million. An undisclosed buyer purchased eight buildings inMid-City for $33.5 million. That purchase entailed 175 units.Finally, another undisclosed buyer bought a 300-unit, 10 buildingportfolio in the Westlake area for $42 million.

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"The completion of this multi-portfolio sale is a testament toour brokerage and the advisory skills of Neema and his team,"senior vice president and division manager Adam Christofferson saidin prepared remarks. "To cross the finish line during conditionscaused by the global health crisis makes it especiallycommendable."

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Max Mitchell

Max Mitchell is ALM's Regional Managing Editor for The Legal Intelligencer, New Jersey Law Journal, Delaware Business Court Insider and Delaware Law Weekly. Follow him on Twitter @MMitchellTLI. His email is [email protected].