POMONA, CA-Three individual investors have purchased a 30-unit, five-property apartment portfolio here for nearly $2.3 million, and a Los Angeles developer has acquired a property in L.A. for $1.3 million that is zoned for 20 apartment units, according to Sperry Van Ness and the Charles Dunn Co.In the Pomona transaction, Kanna Sunkara of Sperry Van Ness in Los Angeles reports that the buyers acquired the portfolio from Kumar Koneru of Arcadia. The portfolio sale included the Abey Villa Apartments and the Karesh Apartments located at 699, 713, 734, 735 and 757 Karesh Ave. Sunkara, who represented the buyer and the seller, notes that the deal satisfied the upleg of a recent 1031 exchange for the buyer. The five properties, built in 1960, consist of one-bedroom, one-bath units with rents ranging from $525 to $625.In the Los Angeles transaction, a private developer acquired a 16,000-sf parcel at 3325-3329 S. Canfield Ave. that is zoned for 20 apartment units, Charles Dunn Co. reports. Michel Hibbert of Dunn’s West Los Angeles office, who represented the buyer, says the property is a double lot that is ideally configured for apartment construction. The seller was 1752 Westside Partners LLC, which represented itself.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.