$28.3 Million Los Angeles County Multifamily Portfolio Sale Brokered by Marcus & Millichap
LOS ANGELES, Feb. 4, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a four-property, 219-unit portfolio of multifamily investment assets in Los Angeles County. The portfolio was offered on a request-for-bid basis and ultimately sold to four separate buyers for $28.3 million.
The firm’s Steve Bogoyevac, Alexander Garcia, Jr., Greg Harris, Kevin Green and Paul Darrow represented the seller, and procured the buyers. “The properties were restricted by several layers of complexity, including low-income designations, senior living restrictions, the Los Angeles Rent Stabilization Ordinance and recently enacted AB1482, California’s statewide rent control,” said Bogoyevac.
“The new laws presented a challenge at first because anything new generally gives pause to investors, but we quickly focused our efforts on long-term, patient capital and 1031exchange investors who were perfectly comfortable with the maximum allowable increase now put in place,” added Garcia. The properties are:
- 2736 Pomeroy Ave., a 54-unit building in the Boyle Heights area of Los Angeles
- 22816 Market St., a 65-unit, 55-plus active adult community in Santa Clarita
- 13002 Dronfield Ave., a 20-unit building in Sylmar
- 44942 Cedar Avenue, an 80-unit seniors housing community in Lancaster
“There is a clear trend towards private capital portfolio sales of properties that span multiple markets with different demographics, rent restrictions, and business plans,” commented Darrow. “Our firm’s ability to deploy a highly collaborative, senior-level transaction team that was able to leverage their local expertise and our national platform to quickly access the most aggressive capital for each property is what ultimately led to the best possible outcome for all parties.”
# # #
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.