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Thursday, May 19, 2022

Solterra at Civic Center Sells for $81 Million

The 192-unit Solterra at Civic Center in Norwalk has sold for $81 million.

A private company acquired the multifamily property from San Diego-based RedHill Realty Investors, Century City-based Shelter Asset Management and Tokyo-based Tokyu Land Corp.

Jones Lang LaSalle Inc.’s Sean Deasy, Peter Yorck, Nick Lavin and Chelsea Jarvis represented the sellers in the transaction.

Solterra at Civic Center is located at 12700 Bloomfield Ave. It has one- and two-bedroom units. Of the 192 units, 49 had previously been renovated. 
The 8-acre property’s amenities include a tennis court, two pools, a fitness center and playground.

“Solterra at Civic Center is a unique, suburban, low-density, value-add opportunity in the heart of the mid-cities,” Yorck said in a statement. “We have seen unrivaled demand from investors for this type of product as renter demand has increased due to changing renter demand related to the Covid pandemic. We look forward to the buyer realizing their business plan at the property.”

Other recent apartment sales around L.A. include two multifamily properties in Hermosa Beach that sold for a combined $275 million. Prime Residential purchased the two adjacent properties, the Playa Pacifica and Gallery, from an institutional investor.

In July, two multifamily buildings in Koreatown sold for $23.6 million. Prana Investments Inc. purchased the properties from Koreatown-based Jamison. The sale also included a development site, which has been approved for 44 units, at 715 S. Mariposa Ave.

Also in July, Century City-based Optimus Properties purchased three multifamily buildings in L.A. for an undisclosed sum. The properties are in East Hollywood and West Hollywood. The 52-unit Hollywood Tower also sold in July for $20.1 million.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans covers real estate for the Los Angeles Business Journal. A USC grad, Madans has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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