LEE & ASSOCIATES TRANSACTS 54-UNIT MULTIFAMILY PORTFOLIO SALE
Torrance, CA – August 10, 2012 – (RealEstateRama) — A portfolio of four multifamily properties in the Brentwood and West Los Angeles communities of Los Angeles has sold in separate transactions totaling more than $12 million, according to Mike Smith, Jim Fisher and Craig Stevens, principals of Lee & Associates-LA North/Ventura, who represented the seller in all the transactions and the buyers in two of the transactions.
“The story is really about the Brentwood and West Los Angeles markets,” said Smith. “Demand for assets in these neighborhoods is extremely strong, and we received these offers within two weeks from the start of marketing. In addition, the current rents on these properties were under market, making them excellent long term value-add investments for the buyers.”
The properties sold included an 18-unit apartment building at 11956 Gorham Ave. and 9-unit building at 11655 Mayfield Ave., both in Brentwood; and a 19-unit property at 1275 Federal Way and an 8-unit building at 1522 Armacost Ave. in West L.A.
“We received over 10 offers on each of the buildings in just the first 10 days of marketing,” said Fisher. “Two of the assets sold above the asking price.”
Both of the Brentwood assets sold at a cap rate under 4 percent.
The properties had not traded for at least 20 years.
The team of Smith, Fisher and Stevens, represented the buyers, Carlton Cuse and Xenon Corporation, for the Mayfield and Federal assets respectively, and, in conjunction with The Beaumont Company, represented the seller, the Maniatakos Family Partnership, in all four The buyers of the Gorham and Armacost properties, Gregory Chazanas and Gaby Chazanas and Fred Nayassan respectively, were represented by Scott Garland of Miller & Desatnik.
About Lee & Associates – LA North/Ventura, Inc.
Celebrating more than 33 years of leadership in the commercial real estate industry, Lee & Associates®, is the largest broker-owned commercial real estate provider in the nation with 45 offices in California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Lee & Associates’ clients enjoy a comprehensive range of commercial real estate services including: sales and leasing; real estate investment consulting, property acquisition, disposition and 1031 exchange transactions; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and ma rket research. Founded in Sherman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800 or visit us online at http://www.lee-associates.com.
