NextGen Apartments Acquires SoCal Portfolio for $108M
- Mar 19, 2020
NextGen Apartments LLC has acquired a 17-property multifamily portfolio in Southern California from a private owner for $108 million. The portfolio was sold in two parts with 15 of the assets totaling 185 units sold in a private transaction and two properties totaling 55 units at 21818 Figueroa St. in Carson, Calif., and 25829 Viana Ave., in Lomita, Calif., sold in a second deal.
Matthews Real Estate Investment Services arranged the transactions. David Harrington, executive vice president & managing director, and Michael Astorian, senior associate of multifamily, brokered the portfolio sale.
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The seller is a private individual who owned the assets for more than 20 years and is a longtime owner of investment real estate throughout Southern California. The motivation was to unwind the multifamily portfolio and exchange into other real estate investments with less management responsibilities, according to Matthews.
The properties are all low-rise, garden-style apartments located in the South Bay of Los Angeles. NextGen has purchased more than $300 million worth of assets in the South Bay since 2017. The firm, led by industry veterans Steven Ludwig, Eric Freeman and James Killian, is aggressively seeking new investment opportunities throughout the submarket. NextGen, which specializes in acquiring Southern California value-add multifamily and industrial properties, plans to utilize knowledge of the submarket and leverage its vertically integrated operating platform to execute their business plan.
Matthew’s has been expanding its presence in Northern California’s Bay Area with the opening of a new office in Walnut Creek, Calif., in September. The Walnut Creek location at 1981 N. Broadway was chosen because it is about 17 miles frown downtown Oakland and 25 miles from downtown San Francisco. The firm has also recently expanded in Georgia and Texas and had plans to open a new office in Nashville, Tenn.
The firm also boosted its staff in November, naming David Roth as their executive vice present & managing director of overall operations and performance. His role includes developing the institutional multifamily platform.