LOS ANGELES-Two buyers have acquired a total of 106 apartment units in two separate deals here and in Ojai, according to brokers involved in the sales. One property of 72 units in Los Angeles traded in a short sale, and a 34-unit complex in Ojai sold within 25 days.
The Los Angeles property that was sold was the Fifth & Maryland Apartments at 1329 W. Fifth St. and 1326 Maryland St., which was sold for $3 million in a lender short sale that was brokered by Brent Sprenkle and Robin D. Ossenbeck of Hendricks & Partners, the listing agents for the two apartment complexes. The buyer was Five Maryland 72 LLC of Los Angeles, which acquired the property from Big Mary LLC of Hidden Hills, CA.
According to the Hendricks & Partners brokers, the properties were scheduled to be placed them in the Rent Escrow Account Program (REAP) operated by the City of Los Angeles before Sprenkle and Osssenbeck found "the perfect buyer who was well versed and experienced" in working with the city and "was very comfortable with the corrections needed to bring the buildings up to code." The Hendricks brokers say that the buyer valued the property based on the repairs needed and he "was able to obtain financing despite the recorded violations on title, which concerned many other buyers during the marketing period."
The properties generated more than 15 offers, which "shows demand for value-added properties even with issues in strong rental markets of Los Angeles were rental rates are still affordable,” according to the Hendricks & Partners brokers. Built in 1910 and 1911, the complexes consist of two, back-to-back apartment buildings. The properties, which feature Victorian-era architecture, are approximately three blocks west of the 110 Freeway and within a four-block walking distance of Downtown Los Angeles.
In the Ojai sale, a private investor based in Los Angeles acquired the 34-unit Ojai Gardens at 702-703 N. Ventura St. in a transaction in which Hirsch Sherman and Jared M. Levine of KW Commercial represented the buyer. The property is a garden-style complex made up of 11 buildings on over two acres.
The approximate 32,816-square-foot complex was built in 1964 and features a park-like setting with pool. The unit mix includes units of one and two bedrooms with some two-bedroom townhomes.
The KW Commercial brokers note that the sale was a market-rate deal between two local private multifamily investment operators. The deal was on the market for less than a week, closed within 25 days and was an all-cash purchase. The seller was represented by Coldwell Banker Residential.
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