The Neema Group at Marcus & Millichap has sold a Los Angeles multifamily portfolio consisting of 26 properties totaling 642 units. The portfolio sold for a total value of $102 million.
The seller was a private investor, who had invested his wealth into approximately 650 apartment units over 35 years. In early 2019, he hired the Neema Group to market five of his properties for sale throughout different submarkets of Los Angeles, collectively known as The First Five. The buildings were located in both South Los Angeles and Panorama City. After the marketing launch, they received eight offers. The five properties sold for $18.75 million to Golden Bee Properties.
The remaining 21 properties were strategically divided into packages based on market location, vintage and transaction type, in order to attract the appropriate buyer audiences.
The marketing of the Wilmington Portfolio, which included three buildings totaling 62 units, generated eight offers, ultimate
