Marcus & Millichap Closes $102M Multiple Apartment Portfolio Sales
The transactions had been in progress for roughly one year, and were finalized just as the coronavirus began to spread across the country.
A Los Angeles, Calif.-based real estate brokerage firm has announced the completion of a sale of multiple portfolios in the Golden State that all together traded for more than $100 million.
Marcus & Millichap announced that it completed the Armor Collection sale, which entails four multifamily portfolios in Los Angeles. The portfolios traded for a total of $102 million, the company said.
In prepared remarks, a senior vice-president of investments for the company said the transactions had been in progress for roughly one year, and were finalized just as the coronavirus began to spread across the country.
“We began the process in early 2019, selling the first portfolio in mid-October, and the last one only recently,” Neema Ahadian, vice president in the company’s West Los Angeles office, said. “The first portfolio sale was marked by the unfortunate passing of our client, and the final portfolio closed as the effects of the coronavirus took hold of the economy.”
Ahadian represented the client’s trust, Pasadena-based Private Trust Management Group and procured the buyers.
The first five properties were sold to Golden Bee Properties, which paid $18.7 million for the portfolios. Cipolla Revocable Living Trust bought three buildings totaling 62 units in the Wilmington neighborhood of Los Angeles. Those buildings sold for $8.7 million. An undisclosed buyer purchased eight buildings in Mid-City for $33.5 million. That purchase entailed 175 units. Finally, another undisclosed buyer bought a 300-unit, 10 building portfolio in the Westlake area for $42 million.
“The completion of this multi-portfolio sale is a testament to our brokerage and the advisory skills of Neema and his team,” senior vice president and division manager Adam Christofferson said in prepared remarks. “To cross the finish line during conditions caused by the global health crisis makes it especially commendable.”