A portfolio of five multifamily properties in Beverly Hills has sold for $16.5 million.
The portfolio has a total of 28 units and sold for $589,285 per unit. The portfolio had the same ownership for two generations and was purchased by an unnamed local investor.

Berkadia’s Adrienne Barr represented the seller in the transaction. “The portfolio generated a lot of interest in the investment community. We received 21 offers, many of which were over the asking price,” Barr said in a statement. “Recent sales, such as this one, demonstrate the submarket commands among the highest pricing for apartment units in the metro as well as the nation. Beverly Hills evokes a special cachet that attracts residents and investors to the area. Superb retail amenities and access to several key job nodes, including Century City, also make this a compelling location for both renters and investors. As one of only two multifamily sales over 25 units in Beverly Hills in 2021, the portfolio offered a unique investment opportunity.”

It isn’t the only apartment portfolio to trade hands recently. Berkadia announced in December that TDI Properties Inc. purchased a portfolio of three multifamily properties known as the Elevate LA Portfolio from a Colorado-based family for an undisclosed sum. Those assets are located at 1234-1240 4th Ave. in Central L.A., 2849 San Marino St. in Koreatown and 1714 S. Burlington Ave. in Pico-Union.
Berkadia also represented the seller in that transaction.

Other properties have recently sold near the Beverly Hills portfolio as well.
A 103-unit multifamily property in Hancock Park dubbed the Broadstone Candara at Hancock Park sold last year for $60.1 million. The property, which was built in 2015, was purchased by Fairfield.

The L.A. area had a number of large multifamily sales last year, many of which were workforce housing conversions using tax-exempt bond financing to acquire the buildings.