Fourth Quarter Activity Breaks 2017 Record for Single-Quarter Sales
By Ryan Patap CoStar Analytics January 18, 2022 | 2:01 P.M.
Multifamily property sales volume in Los Angeles County during the fourth quarter topped $4 billion, representing the highest total ever seen in a single quarter for the market.
Average pricing per unit at the end of 2021 increased by 8% compared to the end of 2020. Investors appear focused on obtaining multifamily properties in the Los Angeles apartment market.
The largest market-rate apartment sale to close during the fourth quarter was in Pasadena and involved a public/private partnership planning to convert the property to one restricted to middle-income renters. In December, the California Statewide Communities Development Authority partnered with Waterford Property Co. to purchase Westgate Apartments in Old Town Pasadena from Equity Residential for $280 million, or about $583,000 per unit. The 480-unit complex was 97% leased at the time of sale.
The second largest sale occurred in November, when Bay-Area investment manager Acacia Capital Corp. purchased the Boulevard Apartments in Woodland Hills from Sares-Regis Group. The 340-unit complex traded for $174.5 million, or $513,000 per unit. The property was 96% leased at the time of sale. Sares-Regis developed the property in 2014.