Strategic Realty Pays $53M for 406-Unit Property

LA MESA, CA-Los Angeles-based Strategic Realty Capital LLC has closed on its purchase of a 406-unit apartment property called Baltimore Apartment Portfolio. The family-built and owned property, located at 5353, 5401, 5404, & 5445 Baltimore Dr., was constructed in phases between 1873 and 1980 by Morris and Barbara Steiman, who later left the property to the family trust.

Steve Huffman, partner; Chris Rogers, senior investment associate; and Dick Bassett, associate partner of Phoenix-based Hendricks & Partners handled the sale. Rogers tells GlobeSt.com that this was a very high profile sale, which was tracked by hundreds of real estate and legal experts in the area. He explains that this was the first time the property changed hands in 35 years.

Rogers explains that there were many interested buyers, “more than 20,” due mainly to the fact that “the property was an icon.” He says the property–which is 100% occupied with a wait list–offers itself “to a big value-add upgrade, which is what the buyers saw in it.”