Sales Deals of the Week: LA ‘Mansion Tax’ Shaves Off 5.5% of $122M Deal
The top five sales across the country from May 6 to May 10
By The Editors May 10, 2024 10:00 am
reprints
A 214-unit apartment complex in Los Angeles traded hands this week for $122 million. Consider that proof of life for Southern California’s investment sales market. However, that was technically a discount since the city took a 5.5 percent cut, thanks Los Angeles’ new “Mansion Tax.” There was also some dealmaking in Florida, with buyers stepping up to purchase a trio of warehouses in Pompano Beach, Fla., for $44.6 million and Baptist Health selling off a 21-acre development site in Homestead, Fla., for $14 million.
| Amount | Address | Buyer | Seller | Brokers | Asset |
|---|---|---|---|---|---|
| $122 million | 5710 East Crescent Park; Playa Vista, Calif. | DivcoWest | Clarion Partners | N/A | Multifamily |
| $23.9 million | 2151 Blount Road, 1280 and 1300 NW 22nd Street; Pompano Beach, Fla. | Invesco Real Estate | Ares Management | CBRE’s Jose Lobón, Frank Fallon, Trey Barry and Royce Rose | Industrial |
| $20.7 million | 3141 SW 10th Street; Pompano Beach, Fla. | Link Logistics | Elion Partners | Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Rick Colon | Industrial |
| $14 million | Lot at the corner of Southwest 312th Street and Northeast 30th Avenue; Homestead, Fla. | The Estate Companies and Midtown Group | Baptist Health South Florida | N/A | Development site |
| $13 million | 105-109 First Avenue; Manhattan | Lawrence Movtady | Eis Family | Avison Young’s Brandon Polakoff and Ryan McGuirl | Multifamily |
Sales Deals of the Week reflect deals closed or announced from May 6 to May 10. Information on sales can be sent to editorial@commercialobserver.com.
Bryan Ley, Deals of the Week, Dominic Montazemi, Frank Fallon, Greg Miller, Jose Lobon, Mike Davis, Rick Brugge, Rick Colon, Royce Rose, Trey Barry, AlbaneseCormier Holdings, Baptist Health South Florida, Blackstone, DivcoWest, DRA Advisors, Elion Partners, Link Logistics, Midtown Group, The Estate Companies
