Northmarq’s Southern California team announces $8 million sale of two-property multifamily portfolio totaling 84 units

WESTLAKE VILLAGE, Calif. (July 24, 2024) — Northmarq’s Westlake Village Multifamily Investment Sales team of Vince Norris, Jim Fisher, Mike Smith, Tommy Yates and Brandon Norris collaborated with Brent Sprenkle of the El Sequndo office to broker the sale of two Los Angeles multifamily communities for approximately $8 million. The portfolio includes two mid-rise apartment buildings located at 147 S. Normandie Avenue (47 units) and 341 S. Alvarado Street (37 units).

Northmarq represented the seller, who was the foreclosing lender on both properties. The buyer was 3G Capital Advisors, a Los Angeles-based private investor.  

“As Real Estate Owned (REO) sales, these properties reflect the current distress affecting various segments of the market,” said Norris. “Both properties were highly leveraged and challenged operationally. Owners are facing increasing operating costs, higher interest rates and softening rents. The combination of these factors coupled with lower pricing expectations by buyers continues to be top of mind for owners.”

Built in 1926 and renovated in 2016, 147 S. Normandie Avenue offers residents a transit-oriented location in the heart of Koreatown. The pet-friendly property features studio apartment homes in a vibrant LA neighborhood, offering an outstanding Walk Score® of 88.

341 S. Alvarado Street is ideally situated in the Westlake neighborhood of Los Angeles and boasts a high Walk Score® of 94. Residents of the 37-unit multifamily community enjoy a short commute to Downtown Los Angeles, Koreatown and Echo Park, as well as a short walk to nearby markets, shops, dining and schools.

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