LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of an eight-property, 644-unit multifamily portfolio in Los Angeles County for $161.9 million.
The properties include: Oaktree Apartments and Stillmore Apartments in Santa Clarita; Tamarind Terrace Apartments in Hollywood; Regency Apartments, Woodley Court and Sylvan Apartments in Van Nuys; Vista Del Madre in Pasadena; and Foothill Village in Sylmar.
Seven of the eight assets were not subject to rent control.
Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec and Bryan Schellinger of IPA represented the seller, a private ownership group. The team also procured the five separate buyers, which include an institutional discretionary fund, regional syndicators and private investors.
Renovations are currently planned for the properties.
“It is rare to find a sizeable, almost completely non-rent-controlled, value-add portfolio where the upside can be immediately realized,” says Green.
Cap rates ranged between 3.5 percent and 4.5 percent based on current net operating income, according to Harris. Projected cap rates following renovations are between 5 percent and 6 percent.
— Kristin Hiller