Cityview Buys 6 LA Apartment Buildings from Blackstone for $63M
By Nick Trombola January 16, 2024 1:01 pm
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Multifamily investment firm CityView has acquired six apartment buildings across Los Angeles, CoStar reported last week.
The Century City-based company bought the portfolio from Blackstone (BX) for a combined $63 million. One of the properties is an eight-unit complex at 7976 Norton Avenue in West Hollywood, but details about the others were not disclosed, per CoStar.
The deal helped Cityview recapitalize a six-asset portfolio via a recently closed discretionary fund, though the name of the fund was also not disclosed, according to CoStar, which cited Cityview.
Cityview could not immediately be reached, and a spokesperson for Blackstone declined to comment.
Cityview was one of the 30 largest landlords in Los Angeles as of September, sitting at 29th place with 2,618 units, according to data sourced from CoStar.
Los Angeles’ multifamily market was languishing at the end of 2023 due to lackluster rent growth, lethargic demand and historically average construction starts, according to a December report by Yardi Matrix. The city’s investors traded 40 properties across the city worth $1.2 billion in the first nine months of 2023, a 77 percent decrease from the same period in the previous year, per the report.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
