Van Nuys-based Sikand Properties last week sold an eight-property portfolio of apartment buildings with 644 total units in Hollywood, Pasadena and elsewhere in Los Angeles County for nearly $162 million.

Ronald Harris, Greg Harris, Kevin Green and Joe Grabiec of Marcus & Millichap Inc.’s Institutional Property Advisors, as well as Bryan Schellinger, also of Marcus & Millichap, were the brokers on the deal.

The buyer profiles ranged from institutional discretionary funds, to regional syndicators and high-net-worth private investors, according to Ronald Harris.

The marketing period for the portfolio took about six months and the last four properties closed on Monday, according to sources close to the deal. Only the Hollywood location was subject to rent control laws.

“The seller had maintained the properties in good condition over their 30-plus years of ownership,” Ronald Harris said in a statement.

The cap rates on the properties ranged from roughly 3.5 percent to 4.5 percent, according to Greg Harris, but are expected to rise to 5 percent or 6 percent.

“It is rare to find a sizeable non-rent controlled value-add portfolio where the upside can be realized immediately,” Green said in a statement (see related story on Rent Control, page 1).