A corporate fiduciary acting on behalf of an LLC has sold a Los Angeles County housing portfolio in three transactions totaling $53.55 million.
The six properties totaled 155 apartments and were located at 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside.
Acquired by three buyers, each property in the portfolio was purchased along with accretive assumable debt placed by JLL in 2020. The existing debt on all buildings was assumed by each buyer.
Five of the low-rise buildings sold are located in the San Fernando Valley, while the other is in West L.A. 3596 Centinela is a 23-unit building that was purchased along with 14311-14319 Dickens St., a 40-home property and 4144 Tujunga, a 20-unit community. Situated in West L.A., Studio City and Sherman Oaks submarkets, all three were acquired by the same buyer.
The 9-unit 12207 Riverside property and 12225 Riverside, a building featuring 27 homes, were acquired by a different buyer. Both apartments are located in the Valley Village submarket.
A single-asset sale was completed for 12314 Moorpark, a 26-unit building in Sherman Oaks. Each community included in the deal is high-performing.
JLL’s Capital Markets Investment Sales and Advisory team represented the seller, led by Peter Yorck, managing director, and Nick Lavin, director. The JLL Capital Markets Debt Advisory team facilitating the deal was led by Jeff Sause, senior managing director, and Max Mraz, director.
L.A. seeing deals despite slowing rent growth
At the end of last year rent growth in L.A. came to a slowing stop at 0.0 percent growth on a trailing three-month-basis through December. Although rental rates failed to increase, they still fell significantly above the national average rate, $1,715, coming in at $2,594.
Despite last year’s slowing rent growth, L.A. continues to see a large amount of deal activity. Also recently in the area, a fully affordable multi-housing portfolio sold for $42.4 million. Situated in Northridge and Canoga Park, the three-property deal included 220 units. The buildings were completed in 1996 and 1997.
