Greystar Snaps Up 2 More LA Properties
- Jul 13, 2016
Los Angeles—Greystar Equity Partners IX LP (GEP IX), which was established by Greystar Real Estate Partners LLC, has acquired two Los Angeles multifamily properties comprising 374 units through separate, unrelated transactions. GEP IX, which is part of Greystar’s flagship, value-add fund series, paid a combined total of $178 million for the properties.
In one deal, Greystar acquired Gardens at Wilshire Center, a 195-unit multifamily community at 3675 Wilshire Blvd. in Koreatown. In the other transaction, the investor bought Villas at Rancho Palos Verdes, a 215-unit multifamily community at 6600 Beachview Drive in Ranchos Palos Verdes.
According to the buyer, its local operational experience in Koreatown helped it identify the Gardens at Wilshire Center as ripe for interior and common area upgrades and improvements to drive value. With a Walk Score in the upper 90s, the property offers access to downtown LA, Hollywood and Silver Lake, among other places.
The Villas at Rancho Palos Verdes (pictured) is located adjacent to the Terranea Resort and 200-foot bluffs that overlook the Pacific. As such, it’s one of the only sizable oceanfront multifamily assets on the Palos Verdes Peninsula.
“With no new rental supply in this submarket since the 1970s and a growing demand for coastal luxury living, we saw an opportunity to reposition the asset through capital and operational enhancements,” said Kevin Kaberna, senior managing director and leader of Greystar’s US Investment platform. Greystar currently manages more than 10,000 units in the LA metro area, and since 2011, it has acquired 11 properties in Southern California.