CityView Sells Properties it Bought ‘Opportunistically’Monday, November 30, 2015
Westwood’s CityView announced Monday it has sold four multifamily properties in Los Angeles County that it acquired at deep discounts during the downturn. It did not say how much it had paid for the properties, but said it sold them for $141 million. The properties are located in Hollywood, North Hollywood, Covina and La Mirada.
CityView cashed in on its Retreat on Sycamore property, a 78-unit complex in Hollywood, which it sold for $31 million. According to CoStar Group Inc., CityView paid half that much – $15.5 million – for the property in December 2012.
It also sold Vista Alicante, a 100-unit complex in La Mirada, for $14.3 million. Vista was originally acquired in December 2012 for $11.1 million, according to CoStar.
The investment and development firm sold Madison Toluca, a 110-unit complex in North Hollywood, a property it originally acquired in 2011, for $45.9 million. Finally, it sold Riverstone Brookstone, a 250-unit complex in Covina which it also acquired in 2011, for $50.2 million. The 2011 purchase figures were not available.
The properties were not sold as a portfolio. They were each sold to separate buyers, including L.A. developer R.W. Selby & Co. Inc.
“These sales represent the final exits from the 13 properties that CityView opportunistically acquired during the height of the financial crisis, between 2010 and 2012,” said Sean Burton, chief executive of CityView, in a prepared statement. “During that time, we were able to take advantage of market dislocations and buy these very well located properties at a deep discount to replacement cost.”