(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
LOS ANGELES-GlobeSt.com has learned exclusively that Miami-based Special Servicer LNR Partners has sold two REO multifamily properties in Los Angeles County through the auction process at Auction.com. Amargosa Creek, a 216-unit property at 43332 Gadsden Ave. in Lancaster sold for $14,385,000, and Yukon Apartments, a 58-unit property at 13519 Yukon Ave. in Hawthorne, sold for $5,860,000 plus a buyer’s premium of $293,100.
Amargosa Creek is a 5.17-acre resort-style apartment community with an array of common-area amenities including a pool, spa, fitness center, business center, clubhouse and playground. The unit mix consists of 50 one-bedroom, one-bath units and 166 two-bedroom, two-bath units. All the units have individual washers and dryers and private patios or balconies.
Kitty Wallace of Colliers International’s West Los Angeles office represented the seller of both properties as well as the buyer of Amargosa Creek, FAOF Amargosa LLC, a Delaware limited-liability company. Thomas Pattenaude of Colgate Capital Inc. represented the buyer of Yukon Apartments, the Montecito Apts. Investments LP, a California limited partnership.
“This was our first time selling via an online auction, and it was enlightening to watch the whole process unfold,” said Wallace in a prepared statement. “It gets intense, especially toward the end, but it is extremely gratifying to watch the winning offers come in all-cash with no contingencies.”
The auction spans 48 hours during which pre-approved bidders compete for the properties. They are able to see all bids live as they come in.
Wallace said in the statement that the multifamily market in the Antelope Valley, where Amargosa Creek is located, is on the rebound after the recession, and rental growth is projected to be 20% by the year 2016 with submarket occupancy expected to rise by 2.4 percentage points by 2016. She added that the Yukon Apartments have an occupancy rate of 98% and good rental upside.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
