Five-Portfolio 26-Property Multifamily Sale Underway in Los Angeles

January 8, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale...
Wilmington

January 8, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of two of five portfolios in the Armor Portfolios, a 26-property, 642-unit collection of multifamily assets in Los Angeles with a total projected value of more than $112 million. Collectively known as the Armor Portfolios, the properties were originally purchased over a 35-to-40-year period by a private investor. The assets that have sold are the First Five Portfolio, five apartment assets with a total of 105 units that sold for $18.05 million and the Wilmington Portfolio, three properties totaling 62 units that brought $9.4 million. The Mid-City Collection, an eight-property, 175-unit portfolio is under contract for approximately $37,175,000. The remaining portfolio available for purchase is the 10-property, 300-unit Amor Collection in Los Angeles’s Westlake neighborhood.

“Although the ownership interviewed many brokers, they chose us after we conducted a deep and wide analysis of the entire portfolio that included their existing financing and a marketing plan to best highlight the assets’ future value,” said Neema Ahadian, senior vice president investments in Marcus & Millichap’s West Los Angeles office. Ahadian is representing the private client’s trust, Pasadena-based Private Trust Management Group. “The trust has been instrumental to our progress,” continued Ahadian. “The administrators have been helpful, fully engaged and easy to work with throughout the process.”

The Amor Collection properties are:

  • 733 S. Coronado St., 24 units
  • 1433 Miramar St., 24 units
  • 416 S. Grand View St., 20 units
  • 501 S. Burlington Ave., 42 units
  • 1812 West 5th St., 40 units
  • 512 S. Bonnie Brae St., 30 units
  • 323 S. Burlington Ave., 10 units
  • 1817 West 4th St., 32 units
  • 625 S. Burlington Ave., 48 units
  • 1135 S. Grand View St., 30 units

“Offered at a price per unit of $158,500, blended with an attractive going-in cap rate of 4.4% and current loss-to-lease of more than 24%, the Amor Collection is a huge opportunity to add value in an up-and-coming neighborhood,” noted Ahadian. “All the assets are in the vicinity of MacArthur Park, either adjacent to each other or within walking distance of one another. The properties may be purchased collectively, individually, or on a sub-portfolio basis.”

“This is one of the largest privately owned collection of multifamily portfolios to hit the Los Angeles market in the last several years,” commented Tony Solomon, first vice president and regional manager of Marcus & Millichap’s West Los Angeles office. “The overall number of units and the complexity of coordinating multiple asset sales makes this a great example of the power of the firm and the value of representation provided by Neema.”

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CommercialDealsLos AngelesMultiFamilyNationalSalesWest

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