AvalonBay Buys Two Apartment Complexes for $55M

LOS ANGELES-The AvalonBay apartment REIT has acquired the 192-unit Civic Center Place complex in Norwalk for $37.8 million and the 82-unit Fuller Martel apartments in West Hollywood for $17.5 million through its AvalonBay Value Added Fund LP. The Fuller Martel is at 1443 N. Fuller Ave. and the Civic Center place complex at 12700 Bloomfield.Fuller Martel, which was 98% occupied at the time of the sale, was sold by an affiliate of Black Rock Realty Advisors in a direct deal between buyer and seller. Civic Center Place, which was 97% occupied at the time of the sale, was sold by a private partnership in a transaction brokered by Shawn Deasy of CB Richard Ellis. The properties were both built in the late 1980s.The acquisitions expand an AvalonBay portfolio of Los Angeles holdings that includes ownership in 10 apartment complexes. Among the REIT's properties are its newly opened, 249-unit Avalon Camarillo complex at 1571 Flynn Rd. in Camarillo and a 309-unit complex called Avalon Del Rey at 5535 Westlawn Ave. in Los Angeles that is under construction and is due to be completed in March.The Camarillo project includes one-bedroom and two-bedroom apartments as well as townhouse-style units of two and three bedrooms. The Avalon Del Rey will feature units from one to three bedrooms.The AvalonBay Value Added Fund LP is a private, discretionary investment vehicle in which AvalonBay holds a 15% interest. The REIT owns interests in 154 apartment complexes totaling 44,278 units in 10 states and the District of Columbia.