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NORWALK, CA-CT Realty Corp. of Newport Beach has purchased a 151-unit apartment complex here from Granite Investment Group of Irvine for more than $14.2 million in one of two L.A. County multifamily transactions totaling more than $28 million. In the other transaction, a Los Angeles-based investment group bought 78 units in Glendale for $13.8 million, according to Marcus & Millichap.In the CT Realty purchase, the Newport Beach-based investment firm acquired the Courtyards complex at 12401 Studebaker Road, between Firestone and Imperial boulevards. The complex, which was 95% occupied at the time of the sale, is a gated community of one-, two- and three-bedroom units that features keyed security, mature landscaping, and two recreational areas with pools and barbecues. Raymond Polverini, a CT Realty SVP, says the company plans to invest approximately $1.8 million to renovate the property and reposition it through new management and marketing. Polverini says CT Realty was attracted to the property, which was formerly known as Coral Gates, by its central location near the 91, 605, 5 and 105 freeways as well as the convenience of several neighborhood retail centers within walking distance. The complex offers considerable upside potential, he adds. Dan Naddor of CT Realty represented the company in the acquisition, with Bruce Furniss of Hendricks & Partners’ Santa Monica office and David Casper of the Anaheim office of Hendricks & Partners representing the seller. Financing was arranged by Steve Tucci of Merrill Lynch Capital.In the Glendale deal, Kevin Hurley of the Los Angeles office of Marcus & Millichap reports that an L.A.-based investor bought the Sonora Apartments at 1151 Sonora Ave. from Five M. Development of Sun Valley. The Sonora Apartments presented an extremely rare opportunity for the investor to acquire a relatively large, quality property in one of the best locations in Glendale, according to Hurley, who notes that the property is not subject to rent control and therefore offers substantial rental upside potential. The Sonora complex, which occupies a site at the base of the San Gabriel Mountains, was constructed in 1985 on two parcels totaling 57,399 sf. The unit mix includes 68 two-bedrooms, eight three-bedrooms, one one-bedroom and one luxury penthouse apartment, ranging in size from 500 to 2,200 sf. Rents range from $850 to $2,200.

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