LOS ANGELES—William Holdings has sold a14-property multifamily portfolio in the Koreatownand Hollywood submarkets of Los Angeles to Laramarfor $45 million, GlobeSt.com reports exclusively. The portfoliototals 285 units with 98% to 99% occupancy throughout theportfolio, which helped to generate significant interest and sellabove the asking price of $43.5 million.

“William Holdings felt it had the perfect exit strategy, thetiming of the market, the peak in values, compression of cap rates,supply of equity, which has driven prices higher then it has everseen,” Arthur Arejian, president ofVanguard Investments and the exclusive listingagent on the property, tells GlobeSt.com. Over 30 potential buyerslooked at the property, and the listing garnered eight offers. Theportfolio was originally listed in February of this year.

According to Arejian, the seller chose Laramar both because theyoffered the best terms and the highest bid in all cash. The termsof the transaction included a quick, 60-day close and shortdue diligence, and Arejian, who also representedthe buyer, said they “performed perfectly.” Laramar was attractedto the property because of they wanted a presence in these LosAngeles submarkets. “This gave them an opportunity to manage andown a 285-unit portfolio in a strong key rental areas in bothsubmarkets,” says Arejian. “They are able to create an economies ofscale with renovations, management, and a long term renovation planto raise rents.” The buyer plans to hold the portfolio for cashflow, and, overtime, will renovate the units and raise therents.