CBRE Announces the Portfolio Sale of Six Los Angeles Area Properties Totaling 407 Apartments for $106.4 Million to Standard Communities

CBRE announces the $106.4 million portfolio sale of six multifamily properties to Standard Communities. The portfolio totals 407 affordable apartments in several Los Angeles County communities, including Monterey Hills, Central Los Angeles, San Fernando Valley, and San Dimas.

The deal was brokered by CBRE’s Southern California Multifamily team of Dean Zander and Stew Weston, along with Tim Flint and James Flinn of the CBRE Affordable Housing Group, on behalf of the Los Angeles-based Goldrich Kest, a privately owned, family-run real estate company with a nationwide portfolio of nearly 14,000 units. Financing was facilitated by the CBRE Debt and Structured Finance team of Troy Tegeler, Trevor Braeux, and Ryan Greer.

“The high demand for affordable rental housing in Los Angeles has created enormous investor interest in this specific product and Standard Communities performed admirably, closing soon after receiving governmental approvals,” said Zander. “Standard Communities showed their confidence in the sustained growth and strength of the Southern California real estate market and their belief in the continued need for affordable housing in Los Angeles County.”

The six properties consist of 42 units on Columbus Avenue in North Hills, 84 units on Rayen Street in North Hills, 74 units on Sherman Way in Reseda, 109 units on Oxford Avenue in Central Los Angeles, near Koreatown, 48 units in Monterey Hills, and 50 units in San Dimas.

“The portfolio presents Standard Communities the opportunity to substantially increase their presence in Los Angeles.” added Weston. “Each property is situated in well-performing submarkets among well-paying jobs, unlimited entertainment options, and unmatched dining and shopping possibilities.”

Standard Communities is one of the largest owners of affordable housing in the country and looks forward to growing their collection of nearly 18,000 affordable units situated across 16 states and Washington, D.C. Headquartered in Los Angeles and New York, Standard Communities has a national portfolio of over 19,000 apartment units and has completed more than $4 billion of affordable and workforce housing developments, acquisitions, and rehabilitations nationwide.