DTLA Apartment Portfolio Fetches $402M in One of SoCal’s Biggest Deals of Past Decade
Los Angeles-based KW Commercial agents Gabriel Guerrero and Justin Chu represented the buyer and seller on a $402-million multifamily property portfolio deal in Downtown Los Angeles. According to CoStar, the deal represents one of the largest multifamily transactions in Southern California in more than 10 years.
The seller was Barry and Rommy Shy, who utilized Downtown Los Angeles’ Adaptive Reuse Ordinance, which made it easier to convert downtown’s vacant and underutilized buildings for new uses such as housing and hotels. The buyer was Laguna Point Properties, a leading multifamily investment company with a current portfolio of more than 7,000 units.
The five-building portfolio includes 1,037 residential units and includes the following:
- SB Manhattan, 215 W. 6th St.
- SB Lofts, 548 S. Spring St.
- SB Tower, 600 S. Spring St.
- SB Spring 650 S. Spring St.
- SB Main, 111 W. 7th St.
- ◦Sale/Acquisition