LOS ANGELES, CA – Greystar Real Estate Partners, a global leader in the investment, development, and management of rental housing properties, announced that Greystar Equity Partners IX (GEP IX) bought, through separate unrelated transactions, two Los Angeles multifamily properties comprising 374 units for an aggregate buy price of $178 million. GEP IX is part of Greystar’s flagship, value-add fund series.

In the first transaction, Greystar bought Gardens at Wilshire Center, a 195-unit multifamily community located at 3675 Wilshire Blvd in Koreatown. In the second transaction, Greystar bought Villas at Rancho Palos Verdes, a 215-unit multifamily community located at 6600 Beachview Drive in Ranchos Palos Verdes.

“We like the growth prospects in both Rancho Palos Verdes and Koreatown as well as the overall fundamentals of the Los Angeles market,” said Kevin Kaberna, Senior Managing Director and leader of Greystar’s US Investment platform. “These transactions represent a continuation of Greystar’s strategy to buy well-located assets in high-barrier markets where we can leverage our platform to make value.”

Greystar’s local operational experience in Koreatown helped the company identify the opportunity to add substantial value to the Gardens at Wilshire Center through interior and common area upgrades and improvements. With a walk score in the upper 90’s, the property offers convenient access to Downtown LA, Hollywood, Silver Lake and all of the major transportation networks throughout the region. Within just 4 miles of the property, there are over 5,000 companies compromising more than 250,000 jobs and over 7 million square feet of office space.

“Greystar is able to add value through capital renovations while still maintaining attainable rents that are priced at a discount to new developments,” said Kaberna.

The Villas at Rancho Palos Verdes is located adjacent to the world class Terranea Resort and 200-foot bluffs that overlook the Pacific. The apartment community is one of the only sizable oceanfront multifamily assets on the Palos Verdes Peninsula. The area is very desirable not only for its views, but for its top-ranked schools, which are some of the best on the West Coast.

“With no new rental supply in this submarket since the 1970s and a growing demand for coastal luxury living, we saw a tremendous opportunity to reposition the asset through extensive capital and operational enhancements,” said Kaberna.

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MESA, AZ – MC Companies is no weirder to real estate and multifamily housing in the Southwest. Now, they announced the buy of The Place at El Prado (formerly: Whispering Meadows Apartments) in Mesa, Arizona. This real estate transaction is valued over $34 million dollars and is adding to the already impressive MC Companies Portfolio.

The Place at El Prado is centrally located in Mesa with gorgeous, sprawling grounds, upgraded units and modern amenities. This 430-unit property is ideally located in the re-emerging Fiesta District of Mesa. Two miles south of the event-oriented and pedestrian-friendly area known as the Downtown Mesa District, this area is exploding with major development.

“We’re very excited to have The Place at El Prado join our portfolio,“ says Director of Acquisitions, Charles Koznick. “Acquiring this property aligns with MC Companies’ strategy to buy multi-family assets that we believe have unrealized value potential.”

While significant capital has already been invested in common area improvements, MC is poised for the implementation of apartment interior renovations. MC Companies will continue repositioning the apartment interiors with a comprehensive renovation program that includes upgrading the appliances, refinishing the cabinet boxes and installing new cabinet doors, and much more.

Residents at this apartment community can choose from a variety of floor plans, including one bedroom, two bedroom, and three-bedroom floor plans. The grounds are well maintained, and are spotted with barbecue areas, two swimming pools, and a new dog park.

Aside from the property itself, the proximity of The Place at El Prado to Mesa Community College, local art galleries, restaurants, businesses and entertainment centers, ties into the MCLife brand. MCLife is about all things local. The MCLife 5-5-5 was made with the belief that residents, and prospective residents, want to know about the neighborhood they are moving to. On all of the MCLife regional websites, there are the 5 Best Places to Eat, the 5 Best Places to Shop and the 5 Best Places to Play around each community.

Mesa is a melting pot of creative folks from all walks of life, cultures and ages. MC Companies is excited to bring The Place at El Prado into the community as Mesa emerges as the “place to be” in the Valley for smart, creative people.

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CITRUS HEIGHTS, CA – Marcus & Millichap announced its Institutional Property Advisors (IPA) division has arranged the sale of Montage Apartments, a 636-unit garden-style multifamily community located in Citrus Heights, California. The $74 million sales price equates to more than $116,000 per unit.

“Sacramento MSA’s strong economic fundamentals are encouraging multifamily property investors,” said Stan Jones, IPA executive director. “Job and population growth are expected to more than double the pace of the national average during the next six years. Private sector growth has been especially strong during the past 10 years, and in the last five years alone, more than 86,000 private sector jobs have been added to the local economy.”

Jones, together with IPA executive directors Philip Saglimbeni and Salvatore Saglimbeni, represented the seller, FPA Multifamily LLC, and procured the buyer, JRK Investors Inc.

“Previous ownership invested more than $7 million in Montage Apartments in order to beautify the community and differentiate it from the competitive set,” added Philip Saglimbeni. “Over $3.5 million was invested in systematic unit interior renovations spread across more than 500 units, which has resulted in an approximate 27 percent return on invested capital.”

Marcus & Millichap’s Kenneth N. Blomsterberg, first vice president investments, Tony DeLoney, associate, and Spencer Moyer, associate, helped in the transaction.

Built in 1987 on 28.7 acres at 12801 Honest Oaks Blvd. in Citrus Heights, the property is 17 miles from California’s state capitol and Sacramento’s central business district. There are more than 285,000 jobs and a working population with over $83,000 in average annual household income within 10 miles of the community. The Sunrise Mall, Marketplace at Birdcage and Citrus Town Center shopping areas are all under two miles away.

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