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Monday, 03 April 2017

Suburban LA Apartments Sell for $67.75Mln

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Virtu Investments has paid $67.75 million, or about $338,750/unit, for the Portofino Townhomes, a 200-unit apartment property in the Los Angeles suburb of Wilmington, Calif.

The Larkspur, Calif, investment manager purchased the property, at 1625 West Pacific Coast Highway, from Benedict Canyon Equities Inc. of Los Angeles in a deal brokered by ARA Newmark.

The purchase price results in a capitalization rate of 5.2 percent, based on the...


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“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Los Angeles
  • States: California
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
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