TODAY’S DEALS: IPA Sells Newly Constructed L.A. Community for $133M
IPA completes the sale of a newly constructed 438-unit property in Los Angeles for $133 million; Tryko picks up a campus of age-restricted properties in West Philadelphia; and GFI sells a rent-stabilized building in Brooklyn for $5.15 million.
Los Angeles—Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of The Millennium Warner Center. The newly constructed 438-unit, 415,040 square-foot community commanded $132.85 million. The transaction is one of the largest single-property transactions to close in Los Angeles since 2005.
IPA’s Stan Jones and Ron Harris, executive vice presidents investments; Sal Saglimbeni, associate vice president investments; and Joseph Smolen, an associate director, represented the seller, Warner Center Apartments LP. Wesco LLP, an Essex Property Trust-sponsored joint venture, was the buyer.
“There is tremendous demand for newer, Class A assets in core California markets, and these opportunities are few and far between,” says Jones. “The Millennium Warner Center is currently in rapid lease-up and is absorbing 40 to 70 leases per month. Given the intense buyer demand and leasing momentum, investors are willing to assume the lease-up risk for true core assets.”
The Millennium Warner Center is located at 21201 Kittridge St. in the Warner Center business district. It is one of the first LEED-Certified Silver multifamily assets in the Los Angeles area. The community has a mix of one-, two- and three-bedroom units. Community amenities include two pools with sun decks and a fitness center with tanning beds, saunas, and men’s and women’s locker rooms.
Tryko acquires West Philadelphia property for $8M
Philadelphia—New Jersey-based Tryko Partners LLC has acquired a West Philadelphia campus of properties that is recognized as the nation’s first retirement community. The properties, Kearsley Apartments, Kearsley Square and Kearsley Long Term Care, are located on a 13-acre plot at 2100 N. 49th Street overlooking the Bala Golf Course.
One of the two buildings at Kearsley Apartments, which features HUD affordable housing, dates back to 1861. The other was constructed in 1981. Together they total 87 studio and one-bedroom units. Kearsley Square was built in 1986 and includes 60 market-rate studio apartments, from which residents can opt to receive in-home services from UPenn Life, a program from the University of Pennsylvania School Of Nursing.
Kearsley Long Term Cares has 84 beds, all with views of the grounds. The nursing home was built in 1995 and previously focused on Medicaid recipients. Tryko will expand the services to accommodate Medicare patients.
“The Kearsley campus provides a desirable range of options for seniors, from affordable housing, to in-home services for those who need them, to skilled nursing,” says Uri Kahanow, Tryko’s director of acquisitions.
The company currently maintains a portfolio of 3,650 residential units.
GFI sells rent-stabilized building in Brooklyn for $5.15M
New York–GFI Realty Services Inc. brokered the sale of 2985 Ocean Parkway, an exclusive listing in Brooklyn for $5.15 million, 11.7 times the rent roll.
The four-story walk-up apartment building consists of 39 rent-stabilized apartment units totaling about 34,000 square feet. Shlomo Antebi of GFI Realty Services represented both the buyer and seller in this transaction.
“GFI was really excited to sell this property since it was the building’s first sale in over 30 years,” says Shlomo Antebi of GFI. “The buyer was looking to upgrade and stabilize his portfolio, and this was the perfect fit. The property is in a prime location, just one block from the Q subway line and adjacent to the Brighton Beach community.”
The rent-stabilized walk-up apartment building was built in 1922. 2985 Ocean Parkway is in close proximity to the Brighton Beach shopping district, the New York Aquarium, Seaside Park and the Coney Island Boardwalk.
