Positive Investments Sells LA Apartments for $40M
Arcadia-based firm sells property after acquiring it for $29 million in 2020
By Greg Cornfield March 15, 2023 2:35 pmreprints
The owner of a 200-unit multifamily property in a suburban neighborhood in Los Angeles has unloaded the asset for a profit.
Positive Investments sold the property for $39.5 million after acquiring it for $29.4 million in November 2020. Golden Bee Properties acquired the apartments, according to Partners CRE, a Beverly Hills-based advisory and brokerage firm.
The property named Mountain View Manor is at 12960 Dronfield Avenue in Sylmar, which is in the San Fernando Valley and the northernmost neighborhood of L.A. It spans 178,000 square feet over six apartment buildings that were built in 1964 and renovated in 1999.
“This latest acquisition underscores the continued demand for high-quality workforce housing, especially in a supply-constrained market,” Partners’ Shaya Braverman said in a statement.
Financial records show Capital One provided a $26.5 million fixed-rate, CMBS loan with a 3.12 percent interest rate that matures in 2028. The funds refinanced the property and helped Positive Investments complete deferred maintenance.
“After we completed our work, Shaya (Braverman) and his team marketed the property and found the ideal buyer qualified in affordable housing who also was able to navigate assuming our agency loan with an institutional preferred equity partner, making their leverage and blended rate favorable to today’s rising interest rate environment,” Srinivas Yalamanchili of Positive Investments said. “We were able to complete our business plan early and exit the property in under two and a half years.”
Positive Investments has been busy the past few weeks. The firm recently acquired a 284-unit senior leisure housing community in the Inland Empire for $28.5 million, and sold a 156,717-square-foot, seven-building industrial site for $26 million.
Braverman marketed Mountain View Manor on behalf of the seller. Braverman also represented the buyer with Partners’ Dario Svidler .
Gregory Cornfield can be reached at firstname.lastname@example.org.