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14-Property Portfolio Fetches $45M

LOS ANGELES—William Holdings sells a multifamily portfolio, with a total of 285 units in the Koreatown and Hollywood submarkets, above asking price, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on October 07, 2014

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.

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