From left: The Miro Apartments, 9229 Sepulveda Boulevard, and 11905 Ferris Road
Major multifamily deals stretched across Los Angeles County last month, with Blackstone’s purchase of a 100-unit apartment complex in Santa Fe Springs topping the Top 5 list.
Still, the February total of $121 million was less than a third of January’s $391 million in L.A. County. January’s total was propelled by Mack Real Estate Group’s $180.1-million purchase of a mixed-use building in Downtown L.A.
1. Miro Apartments | $56.7M
Blackstone Group has been busy expanding around Southern California. In February, its REIT paid $56.7 million to Praedium Group for the 100-unit complex called Miro Apartments in Santa Fe Springs. The purchase is the second time the property at 12257 Heritage Springs has traded hands since 2015. Praedium paid Fairfield $47 million for the property in 2016. Blackstone entities also recently purchased the former Forever 21 headquarters in Lincoln Heights for $166 million, and sold a three-building apartment complex in Echo Park for $25.5 million.
2. Apple Tree Village | $23.5M
ABS Properties purchased the 125-unit Apple Tree Village apartments from American Housing for $23.5 million. The 143,200-square-foot building is located in the North Hills of the San Fernando Valley. The 1.52-acre property at 9229 Sepulveda Boulevard last sold for $3.1 million in 1998, according to the listing on Realtor.com.
3. Villa Rain Tree | $16M
Ritz Housing LLC sold the Villa Rain Tree property in El Monte to Thomas Safran & Associates for $16 million. The property has 70 low-income apartments and is 41,700 square feet. The 2.33-acre property is located at 11905 Ferris Road. It was built in 1978 and last sold for $6.1 million in 2006. The building is about 15 miles east of Downtown L.A.
4. 130 S. Alexandra Avenue | $12.4M
SAFCO Capital and Acacia Capital purchased the 30-unit apartment building at 130 South Alexandria Avenue, near Koreatown and Rampart Village. Owner Ghazar Zehnaly sold the property for $12.4 million, records show. The building was built in 1990 and includes 41,200 square feet. It previously sold for $8.4 million in 2013, and $1.5 million in 1999, according to the listing on Redfin.
5. 1522 N. Formosa Avenue | $12.3M
Owner Daniel Sands sold his 36-unit apartment complex at 1522 N. Formosa Avenue for $12.34 million. The buyer was only listed as 1522 N Formosa LLC. The three-story building was built in 1985 on a .35-acre lot, and includes 24,800 square feet.