(Read more on the multifamily market.)
DOWNEY, CA-RedHill Realty Investors of San Diego added to itsgrowing multifamily portfolio with the $19.6-million purchase ofthe 104-unit Downey Park Apartments from Western Downey ParkPartners LP. RedHill acquired the property, which is at 9140Brookshire Ave., in a joint venture with a fund managed byBlackRock Inc.
RedHill founder and CEO Russell Dixon, who formerly served asnational managing director for Insignia/ESG and also headed the CBRichard Ellis multifamily practice, notes that this is thecompany's first foray into Los Angeles. The move into L.A. followsthe company's other acquisitions in the past year in Seattle,Phoenix, Denver and the San Francisco Bay Area.
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