(Read more on the multifamily market.)
LOS ANGELES-Investors have acquired a 300-unit apartment complex in Upland for $40.9 million and an 18-unit property in West Los Angeles for $5.6 million, according to brokers from Hendricks & Partners and Sperry Van Ness who negotiated the deals. The Upland property is the Woodlane/Timberlane at 1472-1580 W. Eighth St. and the West Los Angeles complex is at 1636 S. Barrington Ave.
In the Upland deal, the Sares-Regis Group of Irvine bought the property from a private investor. The Woodlane/Timberlane complex was built in two phases in 1973 and 1976 and is composed of 21 two-story buildings that total 253,450 sf.
The 300 units consist of about 75% one-bedroom apartments and 25% two-bedroom units, with the buildings on three separate parcels totaling approximately 11.35 acres. According to Margie Molloy of the Inland Empire office of Hendricks & Partners and Joe Leon of the firm's Newport Beach office, the deal represented an opportunity for the buyer to acquire an already renovated property with substantial upside potential.
The Hendricks & Partners brokers point out that the Woodlane/Timberlane complex is located in "one of Southern California's most desirable in-fill locations." The submarket surrounding the property consists of high-priced, single-family neighborhoods, the prestigious Claremont Colleges and the 1.36-million-sf Montclair Plaza Regional Mall, with easy access to two major freeways, they point out.
In the West Los Angeles transaction, a Los Angeles-based private investor bought the 1636 S. Barrington property from another private investor. Built in 1986, the non-rent-controlled complex consists entirely of two-bedroom, two-bathroom units and was 100% occupied at the close of escrow.
According to Kevin Kawaoka of Sperry Van Ness in Los Angeles, "rents are continuing to rise and non-rent-controlled properties like this one are in high demand." He adds that the West Los Angeles multifamily inventory has contracted a bit, further increasing demand for such properties.
Kawaoka and Kevin N. Sabin of Sperry Van Ness in Los Angeles represented the buyer, with the seller represented by Guy Hocker III of Hocker Realty.
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