Sale of six, loan assumption L.A. County multi-housing properties closes for $53.55M
JLL Capital Markets arranged three separate transactions for the sales of the high-performing 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside, located within the San Fernando Valley and West Los Angeles
LOS ANGELES, May 1, 2023 – JLL Capital Markets announced today that it has closed on a six-property L.A. County multi-housing portfolio in three separate transactions totaling $53.55 million. The apartment complexes were located at 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside, five of which were in the San Fernando Valley, and one located in West Los Angeles. The six, high-performing, low-rise apartment communities total 155 residential units.
JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC.
The acquisitions included accretive assumable debt placed on all six properties by JLL in 2020, which was positively received by potential buyers given today’s volatile debt market. JLL presented a flexible offering to the market, with the option to acquire single assets, sub-portfolios or the entire portfolio. All three buyers assumed the existing debt, working with the JLL Capital Markets Debt Advisory team in order to facilitate the transaction.
12314 Moorpark, located in Sherman Oaks, features 26 units and closed as a single-asset sale. Situated in Valley Village, the 19-unit 12207 Riverside and the 27-unit 12225 Riverside sit in the Valley Village submarket and closed together as a sub portfolio. The 23-unit 3596 Centinela, the 40-unit 14311-14319 Dickens and the 20-unit 4144 Tujunga are located in the West Los Angeles, Studio City and Sherman Oaks submarkets. While all three properties were part of the same submarket, 3596 Centinela closed separately from the properties with the same buyer.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Peter Yorck and Director Nick Lavin, while Senior Managing Director Jeff Sause and Director Max Mraz led the JLL Capital Markets Debt Advisory team.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.