Private Investor Takes Crenshaw Village for $60M

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.