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Monday, Jun 24, 2024

Century City Apartments Sell for $66M

Xenon Investment Corp. has purchased 113 units in Century City for $66.1 million, or $584,955 per unit.

The Westwood-based company’s latest purchase was built in 1999 and is located at 2201-2245 Beverly Glen Blvd.

Equity Residential Real Estate was the seller of the property, which closed at the end of March.

Xenon Investment Corp. purchased a 113-unit building in Century City.

Xenon Investment Corp. is a local family office that owns and self-manages, through Westside Habitats, a portfolio in excess of $1.8 billion consisting of more than 3,300 apartment units throughout Los Angeles. The company is comprised of active real estate investors and multifamily operators. The principals of the company are Deepak Richard Mehta, Rohit Mehta and Nataliya Mehta.

Xenon liquidated smaller multifamily assets throughout Los Angeles and was able to use the proceeds from those sales to complete the purchase on 2201-2245 Beverly Glen Blvd. prior to the newly implemented Measure ULA.

As of April, the so-called “Mansion Tax” enacted a 4% tax on properties sold or transferred for more than $5 million and a 5.5% tax on properties sold or transferred for more than $10 million.

Xenon also recently purchased 18 units located at 1945 Glendon Ave. in the adjacent Westwood neighborhood for $9.5 million. The deal closed a few days prior to when Measure ULA commenced.

In August of last year, Xenon Investment Corp. acquired the 66-unit apartment building at 2820 Sawtelle Blvd. in Mar Vista for $33 million, or $500,000 per unit from Lantana Development Co.

And in August 2021, Xenon purchased two apartment complexes in Koreatown totaling 130 units for $41.2 million.

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Michael Aushenker Author