CityView Turns a Big Profit on Apartment Portfolio Selloff
CityView has sold four LA-area multifamily assets for a total of $141M. The properties, all of which are in LA County, were sold to different buyers.
In announcing the sale of these properties, CityView president Sean Burton notes these last four properties sold were the last of 13 properties purchased opportunistically during the financial meltdown between 2010-2012, according to the LA Business Journal. He says CityView was able to take advantage of market dislocations, purchasing all 13 well-located assets at deep discounts compared with replacement cost.
While CityView didn't disclose the cost for acquiring any of the properties, CoStar reported the 78-unit Retreat on Sycamore in Hollywood was acquired in December 2012 for $15.5M and sold for twice that, $31M. CoStar also reported the 100-unit, senior Vista Alicante complex in La Mirada was purchased in December 2012 for $11.1M and sold for $14.3M. The purchase prices for the other two properties were unavailable, but the 110-unit Madison Toluca complex in North Hollywood, which CityView purchased in 2011, sold for $45.9M, and the 250-unit Riverstone Brookstone apartment complex in Covina, which was also acquired in 2011, sold for $50.2M. [LABJ]
