Cityview Pays $36M For Franklin Hills Apartment Building
Cityview bought a 112-unit apartment complex in Franklin Village at a discount.
The $35.5M price tag was $5.2M less than the $40.7M that Raintree Partners paid to acquire the property in 2018, Commercial Observer reported. Cityview announced its acquisition but did not disclose a price.
“Candela was a prime opportunity to acquire a well-located, highly amenitized asset significantly below replacement cost, making it an ideal fit for our value-add strategy,” Cityview CEO Sean Burton said.
The property at 1950 Tamarind Ave. was built in 1974 and is 96% occupied, according to a Cityview release. The property has been updated over the last six years through upgrades to amenities and renovations of some of the units. Cityview is planning a more comprehensive upgrade program that will improve more units as well as energy efficiency at the building.
Institutional Property Advisors’ Kevin Green, Joseph Grabiec and Gregory Harris brokered the deal. Westhome, a Cityview affiliate, will manage the property.
Los Angeles' multifamily market has slowed due to financing difficulties, high construction costs and investor hesitation attributed to Measure ULA. Still, the Los Angeles market surpassed $4B in sales volume in 2024 through Q3, second in the nation only to Dallas and beating out Atlanta, a Newmark report found.
