Several large sales of multifamily properties were finalized throughout the hot Los Angeles market in September.
One of the biggest deals was Blackstone Group Inc.’s purchase of a portfolio of three multifamily buildings for $177.5 million. Two of the properties are in Santa Clarita, and the other is in San Pedro.
The Harborview Apartment Homes at 1286 W. Capitol Drive in San Pedro sold for $70 million. It has 160 units. Built in 1984, the building has a 5.6% vacancy rate, according to CoStar Group Inc.
The Canyon Ridge Apartments at 23645 Meadow Ridge Drive in Santa Clarita sold for $54.25 million. It was built in 1987, has 176 units and has a 6.3% vacancy rate, according to CoStar.
The Canyon Crest Apartments at 23639 Newhall Ave., also in Santa Clarita, sold for $53.25 million. It has 158 units. The property is the newest of the three, built in 1992, and has a 2.5% vacancy rate, according to CoStar.
Berkadia Real Estate Advisors represented the seller of the properties, Guardian Life Insurance Co. of America.
In Long Beach, a 234-unit multifamily building sold for $72.5 million. The property was 95% leased at the time of the sale, according to CoStar.
Advanced Real Estate Services Inc. purchased the property at 1718 Ximeno Ave. from Blackstone Group and Phoenix Realty Group. Phoenix Realty paid $34.5 million for the building in 2011.
Jones Lang LaSalle Inc.’s Blake Rogers and Sean Deasy represented the seller.
In Westlake, the Collective Apartments, a multifamily property at 131, 143 and 171 S. Burlington Ave., sold for $48.3 million to 29th Street Capital from an investment trust.
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