
Developer Trades Brentwood Portfolio After 60-Year Hold
A four-building, 36-unit multifamily portfolio in Brentwood has been sold by original ownership for $17.165 million. The buyer is a local real estate investor and developer, who acquired the portfolio ff-market in a 1031 exchange. Kidder Mathews’ Michael Monempour represented both parties.
The buildings were constructed in the 1960s and have remained under original family ownership for 60 years. The buyer has built and maintained ownership of several apartment buildings in the Brentwood neighborhood.
“A portfolio sale of this caliber does not often happen in West LA.,” said Monempour.”Even with rising interest rates, the properties sold at premium values. The seller’s motivation was due to the rent control policies that LA has adopted. They felt it was time to finally let go of these properties and were able to trade out of these assets for commercial properties that better suit their needs.”
- ◦Sale/Acquisition