LA Multifamily Property Trades for $29M
More apartments in San Fernando Valley have been on the move lately
Multifamily investors are showing increasing signs of life in Los Angeles, particularly in the San Fernando Valley.
Positive Investments has acquired the 200-unit Mountain View Manor apartment building in the northernmost part of L.A. for $29.4 million. The 178,000-square-foot property was owned by 21 Alpha Group.
The apartment building was completed in 1964 at 12960 Dronfield Avenue in the neighborhood of Sylmar, in the San Fernando Valley. It was renovated under the Low-Income Housing Tax Credit program.
Shaya Braverman and Brendan Brown with Partners CRE, a Compass real estate brokerage, represented both the buyer and the seller in the transaction. They said the deal was a sign of a comeback for commercial real estate.
‘While the pandemic induced a slowdown early this year, we are starting to see an uptick in commercial sales,” Compass Founder and CEO Robert Reffkin said in a statement.
Last week, Raintree Partners an L.A. multifamily portfolio, which included two properties in the San Fernando Valley, for $142 million. Earlier in November, Hill Street Realty acquired a 118-unit property for $27.1 million in the San Fernando Valley.
L.A.-based Positive Investments manages an expansive portfolio with multiple asset types. The firm also owns multifamily and office campuses in L.A. and the Inland Empire like Corporate Center Pomona and Oakdale Corporate Center.
Burbank-based 21 Alpha Group also has a growing multifamily portfolio.