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Multifamily Portfolio Sells for $19 Mil

LOS ANGELES-A Beverly Hills-based investor acquires a nine-building, 195-unit apartment portfolio in Playa del Rey. The buildings sold at a premium based on the rent potential and savings in management costs due to the close proximity of the properties.

By Erin Cassin | Updated on May 24, 2001

LOS ANGELES-A nine-building, 195-unit apartment portfolio in Playa del Rey changed hands recently for $19 million. The buyer is a Beverly Hills-based Regent Properties Inc.

The properties, which encompass a total of 195 units, are located on Paseo del Rey, Redlands St., Manchester Ave., Falmouth Ave. and Delgany Ave. At the time of sale, the properties were 97% occupied.

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