Northmarq Aids Sale of Two L.A. Multifamily Communities

The sales of two separate Los Angeles multifamily apartment complexes, both near the Echo Park micro market, have been facilitated by Northmarq, furthering an apparent buyers’ focus on post-1978 constructions/buildings.

Together the properties have a price tag of $20.895 million, while both are in the 90026 ZIP code. Bryan Schellinger, managing director, and Steven Goldstein, VP of Northmarq’s Los Angeles investment sales office, arranged both sales.

First up, a family trust sold a 42-unit community out of its portfolio for $13.895 million. The mid-sized asset on the border of Echo Park, built in 1989, is of a size that doesn’t often hit the market. The cap rate at closing for this property was just north of 4%.

The second property, a 23-unit community also constructed in 1989, sold for $7 million by the same sellers as the first property. Together, the projects are referred to as The Alvarado Collection.

Of note: both properties are subject to the California’s statewide rent control ordinance, but they are also excluded from Los Angeles’ City Rent Control mandates.