Apartment, Land Sales Close

POMONA, CA-Three individual investors have purchased a 30-unit, five-property apartment portfolio here for nearly $2.3 million, and a Los Angeles developer has acquired a property in L.A. for $1.3 million that is zoned for 20 apartment units, according to Sperry Van Ness and the Charles Dunn Co.In the Pomona transaction, Kanna Sunkara of Sperry Van Ness in Los Angeles reports that the buyers acquired the portfolio from Kumar Koneru of Arcadia. The portfolio sale included the Abey Villa Apartments and the Karesh Apartments located at 699, 713, 734, 735 and 757 Karesh Ave. Sunkara, who represented the buyer and the seller, notes that the deal satisfied the upleg of a recent 1031 exchange for the buyer. The five properties, built in 1960, consist of one-bedroom, one-bath units with rents ranging from $525 to $625.In the Los Angeles transaction, a private developer acquired a 16,000-sf parcel at 3325-3329 S. Canfield Ave. that is zoned for 20 apartment units, Charles Dunn Co. reports. Michel Hibbert of Dunn’s West Los Angeles office, who represented the buyer, says the property is a double lot that is ideally configured for apartment construction. The seller was 1752 Westside Partners LLC, which represented itself.