LOS ANGELES — Marcus & Millichap has arranged the $25.3 million sale of a seven-property, 275-unit portfolio in Los Angeles. The seller, a private unnamed group, has been assembling and managing the portfolio for the past 25 years. The portfolio is comprised of a mix of 1920s-era brick apartment buildings and an infill land site, concentrated in the Koreatown and Westlake neighborhoods.
“The portfolio was experiencing challenges, including tenant delinquencies, aging building systems, deferred maintenance and litigation,” said Neema Ahadian in a prepared statement. Ahadian is senior managing director of investments and leader of The Neema Group of Marcus & Millichap in Los Angeles. “We anticipated buyer concerns, prepared comprehensive due diligence materials and positioned the properties individually and collectively to maximize investor interest and demonstrate a clear path forward.” Ahadian and Jeffrey Estrada, associate director of The Neema Group, represented the seller and procured the buyer.