Los Angeles Apartment Communities Trade Hands as M West Expands Portfolio
- Feb 17, 2014
The local multifamily market has had a good start to 2014, with a number of deals taking place since the beginning of the year. Recently, real estate investment services firm Marcus & Millichap announced that it had arranged the sale of a three-multifamily property portfolio in the Santa Monica submarket of Los Angeles. M West Holdings recently announced the acquisition of a number of residential properties, expanding its multifamily portfolio in the Los Angeles market.
The Marcus & Millichap-arranged deals were completed for a total fee of $28.5 million, according to a recently issued press statement. The three apartment assets located at 1033 3rd Street, 811 6th Street and 1137 11th Street total 66 residential units, acquired at a per-unit rate of $432,000. The three properties were built between 1963 and 1972. The deal was handled by Marcus & Millichap associates in the company’s L.A. office, Michael Hanassab and Elliot Hassan, on behalf of a private investor.
M West Holdings added almost 300 residential units to its Los Angeles multifamily property portfolio since the beginning of February alone. The company recently announced the acquisition of the Milano Apartments, a 248-unit luxury apartment complex located in Torrance. Originally built in 1964, the residential community was renovated between 2007 and 2009, and it offers a resident amenity package that includes fitness facilities, two tennis and basketball courts, secured covered parking spaces for residents, a lavish clubhouse, internet café, a business center, barbecue area, outdoor pools, a sundeck and a spa.
Also acquired by M West recently was Grafton Lofts, a 44-unit residential asset located in one of the best-known neighborhoods of L.A., Echo Park. The apartment community offers studio, one- and two-bedroom units located in the proximity of local staples such as the Baxter Stairway, Elyasian Park, Angelino Heights and Dodger Stadium. The property will be rebranded by its new owner, according to a press statement issued by M West.