California Home Builders has acquired a 376-unit apartment complex in Playa Vista for $230M, which translates into about $614K per unit. Morgan Stanley provided a $173M loan for the purchase.
Boca Raton, FL-based Mill Creek Residential sold the multifamily, which is located at 5901 Center Drive. Mill Creek sold the property for more than seven times the $32M it paid for the apartment building in 2014. The company also renovated the units.
California Home Builders' portfolio includes 13 developments in Los Angeles as well as properties in Woodland Hills and Canoga Park. The Canoga Park-based developer specializes in building residential units, branding its housing projects under the letter Q.
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