The company has paid $4.8 million for the property, known as No Ho Star. It is located at 11109 Otsego St. Melissa Russell of the Los Angeles office of Hendricks & Partners represented both the buyer, So. Cal Property Management LLC, and the seller, No Ho Star LLC.
The deal is the latest in a string of multifamily transactions that have occurred across the county in recent weeks. In the past week alone, three other complexes have sold for a combined value of more than $20 million.
Aside from the fact that the multifamily market remains an attractive alternative to more volatile commercial real estate markets, local experts expect the high demand to continue in the Los Angeles/Long Beach market because less than 5,000 new units are expected here in 2001.
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