Los Angeles Four-Community Portfolio Sells
The seller was a partnership between an operator and a commercial real estate developer.
Four communities with a total of 46 units have sold in Los Angeles for $17.22 million. The seller, represented by Adam Norvell with Manhattan West Asset Management, was a partnership between a commercial real estate developer and an operator.
The portfolio includes Pepper Tree Ranch, The Falcon, 4018 Monroe St. and Casa Arroyo.
Pepper Tree Ranch – Located at 4959 Romaine St. in East Hollywood, the community sold for $7 million. According to PropertyShark data, the property was built in 1956 and includes 20 units.
The Falcon – Selling for $3.6 million, the asset is located close to Pepper Tree Ranch at 4575 Maplewood Ave. The Falcon has 10 units and was built in 1961, according to PropertyShark.
4018 Monroe St. – The community sold for $3.6 million and is in Virgil Village. It has a total of eight apartments.
Casa Arroyo – With the highest per-unit pricing in Northeast Los Angeles—over $374,000— the property sold for a total of $3 million. Casa Arroyo is in Highland Park, located at 368 North Ave. 57 and, according to PropertyShark, comprises eight units.
Darin Beebower and Mark Ventre with Kidder Mathews represented both the seller and the buyer for The Falcon and 4018 Monroe St. They also represented the seller of Casa Arroyo apartments and the buyer for Pepper Tree Ranch.
Ventre, in prepared remarks, said that two offers were generated just under asking price, one was a non-contingent offer, and one was all cash.
Los Angeles is predicted to have continued rental growth in the second quarter of this year. Average rent increased to $2,508 as of April, a 12.7 percent year-over-year increase. e. It has a total of eight apartments.
