YoungLewin Arranges $32M LA County Apartment Portfolio Sale
Commercial real estate investment services firm YoungLewin Advisors, Inc. has arranged the sale of a 106-unit multifamily portfolio located on the 605 Corridor of Los Angeles County, CA. Lacey Street Commercial LP and Linview Homes LLC purchased the 4 properties in Norwalk, Buena Park and Downey for a combined $31.6 million.
“Large portfolios of this quality and location don’t come up often,” said YoungLewin’s Shane Young, who represented the seller, Richmont Corporation along with the firm’s Daniel Gomez. “We are proud to have timed the simultaneous closing of multiple assets to multiple buyers and help facilitate the 1031 exchange for our client.”
The 106-unit portfolio sold for over $371 per square foot and $298,000 per unit, representing a 3.5% CAP rate. The seller will use the proceeds from the sales to purchase a $47.5 million Net Leased, new-construction FedEx distribution center in Idaho.
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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