LOS ANGELES—William Holdings has sold a 14-property multifamily portfolio in the Koreatown and Hollywood submarkets of Los Angeles to Laramar for $45 million, GlobeSt.com reports exclusively. The portfolio totals 285 units with 98% to 99% occupancy throughout the portfolio, which helped to generate significant interest and sell above the asking price of $43.5 million.

“William Holdings felt it had the perfect exit strategy, the timing of the market, the peak in values, compression of cap rates, supply of equity, which has driven prices higher then it has ever seen,” Arthur Arejian, president of Vanguard Investments and the exclusive listing agent on the property, tells GlobeSt.com. Over 30 potential buyers looked at the property, and the listing garnered eight offers. The portfolio was originally listed in February of this year.

According to Arejian, the seller chose Laramar both because they offered the best terms and the highest bid in all cash. The terms of the transaction included a quick, 60-day close and short due diligence, and Arejian, who also represented the buyer, said they “performed perfectly.” Laramar was attracted to the property because of they wanted a presence in these Los Angeles submarkets. “This gave them an opportunity to manage and own a 285-unit portfolio in a strong key rental areas in both submarkets,” says Arejian. “They are able to create an economies of scale with renovations, management, and a long term renovation plan to raise rents.” The buyer plans to hold the portfolio for cash flow, and, overtime, will renovate the units and raise the rents.