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Monday, Jun 24, 2024

Lawndale Properties Go for $8.2M

The Lawndale Portfolio, two multifamily assets totaling 34 units in Lawndale, has sold for $8.21 million, or $241,000 per unit.

Senior Director Steffan Braunlich of Berkadia’s El Segundo office led the transaction on behalf of the seller.

The Lawndale Portfolio was purchased by Arcadia-based Positive Investments. The properties were 94% occupied at the time of the March 29 sale.

The first property — located at 14504 Avis Ave. — was built in 1955 and features 19 units on a 39,000-square-foot lot.

The second property — located at 4551 W. 159th St. — was completed in 1984 and features 15 units over semi-subterranean parking.

Both properties provide convenient access to the 405 freeway and are near retail and entertainment venues in the heart of the South Bay.

The Lawndale Portfolio.

“Certainty of close was most important to the seller and we were able to find a single buyer who would acquire both assets at a strong price,” Braunlich said in a statement. “The city of Lawndale continues to see big interest from investors.”

Lawndale has seen some commercial real estate activity in recent months. In January, Beta Agency brokered the sale of Lawndale Plaza for $14 million as part of a 1031 exchange used to defer capital gains taxes.

The Lawndale Plaza shopping center was fully leased at the time of sale to tenants including Smart & Final, Subway, Panda Express, Wingstop, Daily Nails & Spa and Wells Fargo. Richard Rizika and Vanessa Zhang of Beta Agency represented the undisclosed seller, a private shopping center owner.

Positive Investments is a diversified real estate investment and property management company founded in 1976. It focuses on multifamily, office and hotel investment properties and invests on behalf of its principals, institutional joint venture partners and select private investors.

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Michael Aushenker Author