Los Angeles Multifamily Complex Trades for 11% Discount
By Nick Trombola April 24, 2024 5:29 pm
reprints
A New York City-based investment group has gotten its hands on a large multifamily property in Los Angeles’ Sherman Oaks neighborhood at a 10.5 percent discount.
Abacus Capital Group paid $72.5 million for a 236-unit complex at 4735 Sepulveda Boulevard, about a block East of the 405 Freeway, according to The Real Deal, which cited L.A. County property records.
The seller, Scottsdale, Ariz.-based Alliance Residential Company, purchased the complex, dubbed Veda, in 2016 for $81 million, per property records.
To fund the purchase, Abacus secured a $43.4 million acquisition loan from JLL Real Estate Capital, that matures in 2029, per TRD.
Neither Abacus, Alliance nor JLL immediately responded to requests for comment.
Veda joins several other multifamily properties that Abacus owns in Southern California, according to its website, including the 412-unit Country Hills in Corona and the 138-unit Atrium at West Covina.
Alliance, for its part, is one of the largest rental residential developers in the country, building or acquiring, it says, more than 115,000 units, totalling more than $23 billion, since its founding in 2000.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
