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Multifamily Complex Attracts Multiple Bidders

LOS ANGELES, CA-The 71-unit development, in the heart of the Central West Redevelopment Zone in Downtown L.A., drew 19 offers in less than two weeks, resulting in a sale price higher than the asking price.

By Bob Howard | Updated on October 30, 2002

LOS ANGELES, CA-California Financial Corp. of Los Angles bought a two-building, 71-unit apartment portfolio in downtown Los Angeles from Tower Management of Newport Beach, Calif. for $2.1 million.

The two properties are n the heart of the Central West Redevelopment Zone at 329 W. Fifth St. and 1326 Maryland St. and drew 19 offers in less than two weeks, according to Albert R. Shilton of the Charles Dunn Co.

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