LOS ANGELES-Private investors Sean Baker and Gary Simons of Upside Investments Inc. have acquired the Crenshaw Village portfolio in Baldwin Hills for $60 million, GlobeSt.com learns. The massive portfolio includes 65 buildings spread over 25 acres and 40 separate parcels. With 669 total units, the purchase price brings the per-unit cost to $89,700.

Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap, represented the seller, an unnamed private investor. The property garnered interest from a large group of private and institutional investors interested in purchasing the portfolio. “There were a double-digit number of offers comprising approximately 50% buyers with institutional equity or pure private-party buyers,” Ron Harris, executive VP of investments tells GlobeSt.com.

The competition might be attributed to new developments popping up in the area, like the Kaiser Permanente office building and a future light rail stop that will provide an easy commute to the Los Angeles International Airport. “The property's tremendous potential is further enhanced by the large amount of public and private investment taking place in the immediate area,” says Harris.