NAI Capital Negotiates Sale of $40.5 Million Multifamily Portfolio
Los Angeles, CA, Tuesday, May 03, 2016– Senior Vice President DeLonne Valens and Vice President, Tim Steuernol with NAI Capital’s Multifamily Services Group were instrumental in negotiating the sale of a multifamily portfolio that included 8 buildings with 484 units spanning 3 Southern California counties. The transaction totaled $40.5 million. DeLonne and Steuemol represented both buyer, a private investment company based in Los Angeles and seller, Chanslor Street LLC.
All of the properties sold were add value due to deferred maintenance with considerable upside for buyer. The seller exited the apartment market to exchange into NNN investments.
The portfolio included five buildings with 344 units in San Bernardino County, one 60 unit building in Orange County, and a two-building 80 unit apartment complex in Los Angeles County.
Valens said, “Acquiring a large add-value portfolio of multifamily properties in today’s highly completive market place is difficult to accomplish. This was a very unique transaction. It included some off-market dealing as part of the total sale. In the end, we believe the investor bought into locations that will be in high demand for many years.”
“Southern California is one of the most desirable for markets for apartment ownership. As rental rates continue to grow, apartment buildings continue to increase in value. This will be a long term hold for the new owner,” added Steuernol.
About NAI Capital
NAI Capital Company is one of Southern California’s leading full-service commercial real estate organizations, providing a complete range of transaction, valuation, investment, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout Southern California. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840
To learn more, visit www.naicapital.com
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com
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