LOS ANGELES—CityView has closed its CityView Los Angeles Fund I with the sale of Solimar Apartment Community in the South Bay. The property traded hands for $75 million to an unnamed private investor. It was the final property in the multifamily-targeted Los Angeles fund, bringing the fund to a close.
“I am pleased that this dynamic project capped the successful completion of the Los Angeles Fund portfolio,” Sean Burton, CEO of CityView, tells GlobeSt.com. “I am proud of CityView's track record of providing its investors with solid returns by investing in and developing multifamily properties in urban areas that provide residents with easy access to local jobs, transportation and entertainment.”
This final sale was a small portion of the fund's accomplishments. The CityView Los Angeles Fund I built and renovated a total of 2,500 housing units in 21 projects in the greater Los Angeles area. The Solimar Apartment Community represented 204 total units in the fund.
CityView completed the Solimar Apartment project in October, and opened the property for leasing. The 204-unit property is located on an eight-acre land sight near Harbor Park Municipal Golf Course and the Ken Malloy Harbor Regional Park, which is undergoing a $90 million renovation. The project is directly in line with CityViews goal of developing near transit communities and in markets that are close to job centers and have demand from millennials.
The developer also recently closed its CityView Western Fund I, a $150 million fund that invests in multifamily on West Coast markets. The fund is currently investing in West Coast and select Western markets, focusing on demand from millennials.
LOS ANGELES—CityView has closed its CityView Los Angeles Fund I with the sale of Solimar Apartment Community in the South Bay. The property traded hands for $75 million to an unnamed private investor. It was the final property in the multifamily-targeted Los Angeles fund, bringing the fund to a close.
“I am pleased that this dynamic project capped the successful completion of the Los Angeles Fund portfolio,” Sean Burton, CEO of CityView, tells GlobeSt.com. “I am proud of CityView's track record of providing its investors with solid returns by investing in and developing multifamily properties in urban areas that provide residents with easy access to local jobs, transportation and entertainment.”
This final sale was a small portion of the fund's accomplishments. The CityView Los Angeles Fund I built and renovated a total of 2,500 housing units in 21 projects in the greater Los Angeles area. The Solimar Apartment Community represented 204 total units in the fund.
CityView completed the Solimar Apartment project in October, and opened the property for leasing. The 204-unit property is located on an eight-acre land sight near Harbor Park Municipal Golf Course and the Ken Malloy Harbor Regional Park, which is undergoing a $90 million renovation. The project is directly in line with CityViews goal of developing near transit communities and in markets that are close to job centers and have demand from millennials.
The developer also recently closed its CityView Western Fund I, a $150 million fund that invests in multifamily on West Coast markets. The fund is currently investing in West Coast and select Western markets, focusing on demand from millennials.
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