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Saturday, Apr 13, 2024

2024 Commercial Real Estate Awards: Multi-Family Sale Deal of the Year

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VITAL STATISTICS
TOPAZ TOWER APARTMENTS
226 W. 6th St., San Pedro
Square Footage: 292,540

Newmark arranged the sale of Topaz Tower Apartments, a 12-story, 292,540 square foot trophy office tower fully entitled for adaptive reuse to a Class A, high-rise apartment project. The property is located within an opportunity zone in Downtown San Pedro. Newmark co-head, US Capital Markets Kevin Shannon, executive managing director Ken White, senior managing directors Chris Benton and Scott Schumacher and managing director Anthony Muhlstein represented the sellers, Harbor Associates and Platform Ventures, in the transaction to buyer Urban Stearns.

The existing office building’s physical attributes, including ample on-site parking, high ceiling heights and rooftop space, position it for a seamless adaptive reuse execution to a multifamily property. The new project will include 228 studio, one-bedroom and two-bedroom apartments with views of the Pacific Ocean, balconies in 70% of the units and a rooftop amenity deck with a resort-style pool. Topaz Tower Apartments is located just one block from the ocean and two blocks from the West Harbor mega-project, a 42-acre waterfront development that will reimagine the retail, entertainment and dining scene in the San Pedro and Long Beach areas. Centrally located between Los Angeles and Orange County, the property is highly accessible via the Metro Blue Line and the 710, 405 and 110 freeways.


 

VITAL STATISTICS
125-UNIT PORTFOLIO SALE
13925 Sherman Way, Van Nuys; 12310 Chandler Blvd., Valley Village; 5247 and
5415 Corteen Pl., Valley Village
Square Footage: 125,884

Rick Raymundo, Jeff Louks, Brett Sanson and Phil Rodgers of Marcus & Millichap listed and sold a four-property multifamily portfolio in the San Fernando Valley on behalf of a private family trust. The transac- tion involved multiple sales to three separate buyers, totaling $28,440,000. The portfolio consists of 125 apartment units spread across 125,884 square feet in Valley Village and Van Nuys.

What makes this deal stand out is not only its size but also the rarity of the properties involved. Most closings in Valley Village tend to be significantly smaller than those included in this portfolio.


 

VITAL STATISTICS
CORAL TREE APARTMENTS
4225 Inglewood Blvd., Los Angeles
Square Footage: 31 units

The Coral Tree Apartments complex is located at 4225 Inglewood Blvd in Mar Vista a neighborhood that was subject to the Measure ULA tax starting April 1. The complex is comprised of 31 units: 21 two-bedroom/two-bathroom units, nine three-bedroom/three-bathroom units, and one studio unit. The seller’s goal was to sell the apartment complex ahead of the city’s “Mansion Tax,” which goes into effect April 1, saving $873,000 in taxes on the sale.

The team attracted the right buyer with the right profile for this asset and executed its plan. The buyer came in with an all-cash offer and closed early.

Return to the 2024 Commercial Real Estate Awards Recap page

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