January 9, 2020
Marcus & Millichap (MMI) has sold 167 apartment units in two transactions for $28 million. The units are from a private trust owning a 26-property, 642-unit collection of L.A. multifamily assets valued at $112 million.
Collectively known as the Armor Portfolios, the properties were assembled by a private investor over four decades, now represented by Pasadena-based Private Trust Management Group and MMI’s West L.A.-based Senior Vice President Neema Ahadian.
The sales included the First Five Portfolio, 105-units, for $18.05 million, and the Wilmington Portfolio, 62 units, for $9.4 million. The 175-unit Mid-City Collection is now under contract for $37 million. The remaining unsold portfolio is the 300-unit Amor Collection.
“Offered at a price per unit of $158,500, blended with an attractive going-in cap rate of 4.4% and current loss-to-lease of more than 24%, the Amor Collection is a huge opportunity to add value in an up-and-coming neighborhood,” noted Ahadian.
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