The hefty price tag the investors paid reflects the rising value of rental units in LA County and other parts of Southern California, where vacancies have dropped to an all-time low of about 2% and rents in many areas have been rising at a double-digit annual rate.
The seller is another private partnership, FSF Hallmark Associates. Robin Ossenbeck of the Encino office of Marcus & Millichap represented both the buyer and the seller.
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