By Greg Cornfield
Fueled by e-commerce growth and suburban migration, investors are tapping further into the multifamily markets in the region east of Los Angeles.
R.W. Selby & Company has acquired BelAire Apartments in the city of Rancho Cucamonga in San Bernardino for $92 million. Operating company FPA Multifamily sold the 262-unit property for about $351,000 per unit.
By Greg Cornfield
The owners of a 200-unit property in a suburban city on the east side of Los Angeles County have scored an 87 percent profit about five years after first acquiring it.
Benedict Canyon Equities sold the Twelve31 Apartments in West Covina for $80.4 million to private L.A.-based apartment investor Ron Nasch in a 1031-exchange. Property records show the firm paid $43 million to acquire the complex in September 2016.
By Chace Beech
LOS ANGELES — Spectrum News first introduced Meah Burstein, 26, and Lenard Gorokhov, 28, in July. The couple, who were newly engaged were living in Burstein’s parents’ guest house and had decided to forgo a big wedding in order to save up to buy their first home.
However, this past summer and throughout the pandemic, California’s real estate market became exceptionally challenging to navigate due to price increases, low mortgage rates and competition.
By Bill Shaikin
In the final weeks of 2019, the city of Anaheim celebrated a landmark deal. The Angels would stay in Anaheim for decades, and the team’s owner would transform the desolate sea of parking lots surrounding the stadium into a vibrant ballpark neighborhood anchored by homes and offices, restaurants and shops, and Mike Trout.
By Ethan Ward
Lisa Chilton knows a thing or two about moving. She did it regularly for nearly five years and says she can pack a suitcase "with one hand, no eyes, from zero-to-go in under 20 minutes."
The 63-year-old Chilton proudly acknowledges her skill as she shows me two suitcases she carried from the apartment building she lived in for 20 years in West Hollywood to a room in a boarding house, and later to the homes of friends and family in Venice, Redlands and Encino while couch surfing.
By Andrew Khouri
Southern California home prices set another record last month, but the market is cooling despite the all-time price high.
The region’s six-county median sales price — the point at which half the homes sold for more and half for less — climbed 1.3% from August to $688,500 in September, according to data released Wednesday from real estate firm DQNews.
By Greg Cornfield
Suburban multifamily assets continue to outperform in Southern California since the pandemic hit.
Gemdale USA has sold The Madison at Town Center, a 130-unit apartment complex in the city of Santa Clarita in Los Angeles County, for $62 million — $476,923 per unit. Fairfield Residential acquired the property, according to Institutional Property Advisors, a division of Marcus & Millichap.
By Hannah Madans
The rich keep getting richer, especially if they’re involved in real estate in Los Angeles.
By Paul Fiorilla
The apartment industry is facing the national spotlight related to a potential wave of evictions just as multifamily fundamentals are hitting unprecedented heights.
Although this juxtaposition seems contradictory, it illustrates both the bifurcated COVID-era economy and the apartment market. Larger, professionally managed properties that cater to a more upscale tenant base are performing better than assets and tenants in smaller properties. “It’s a tale of two different worlds,” said a researcher at an industry trade group.
By David Wagner
California has $5.2 billion in federal funding to spend on rent relief for tenants who’ve fallen in debt to their landlords — but renters in the city of Los Angeles currently can’t apply for it.
The city stopped accepting rent relief applications in April, and it currently doesn’t have a clear timeline for reopening the program.