Four-Property LA Multifamily Portfolio Sells for $17M

Four apartment properties in trendy areas of Los Angeles have been sold by a partnership between a commercial real estate developer and operator managed by Adam Norvell of Manhattan West Asset Management. The communities, totaling 46 units in East Hollywood, Virgil Village and Highland Park were traded for $17 million.

Kidder Mathews’ Darin Beebower and Mark Ventre represented the buyer of the Pepper Tree Ranch in East Hollywood, which sold for $7 million. The duo represented the buyer and seller of The Falcon, also located in East Hollywood, which changed hands for $3.6 million.

Beebower and Ventre also represented both parties in the $3.6 million sale of 4018 Monroe St. in Virgil Village and the $3 million sale of the Casa Arroyo apartments in Highland Park (pictured), which at $374,000 achieved the highest price per unit in Northeast Los Angeles this year.

The properties were all renovated and stabilized, offering the buyers solid initial cash flow.

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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