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