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The deal for the 23-building complex calculates out to $280,978 per unit, according to Marcus & Millichap, which announced the transaction. The property, which was constructed in 2006, was sold free and clear of existing debt.
Xebec completes the largest rooftop solar installation in Los Angeles, which will generate 4.3 million pounds of carbon reduction, enough to make 1,000 homes carbon-free.
While pricing continue to climb past peak levels, a strong economy, population growth and a healthy opportunity index score makes them a top investment market.