Multifamily Mania

`Tis no secret that multifamily remains one of the more desirable investments in commercial real estate. Another case in point for the trend: The sale of a suburban L.A. complex for an average of nearly $451,000 per apartment. Also hot in the metaphorical (and often literal) sense? South Florida. A California firm just bought a Palm Beach retail and office site for $15 million.

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— Tom Acitelli, Co-Deputy Editor

Suburban SoCal Apartments Sell at $451K Per Unit

The owners of the 85-unit South Hills Apartments in the eastern suburbs of Los Angeles County traded the property for an average of $450,588 per unit. HFH acquired the property from NextGen Properties Group for $38.3 million in a 1031 exchange. It last traded for nearly $32 million in March 2020, also via 1031 exchange. Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the latest deal.

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California Firm Enters South Florida Market With $15M Palm Beach Acquisition

An office and retail space in Palm Beach sold this week for $15 million, or $490 per square foot, the new owner said Wednesday. Randall Realty Group of Los Angeles is the new owner of the 30,600-square-foot building at 2875 South Ocean Boulevard. The two-story property is 87 percent occupied by tenants including Apollo Global Management, Baptist Health Primary Care, Symphony Workplaces and Acqua Cafe. Randall Realty Group said it will use the Palm Beach location as its East Coast headquarters as it seeks more acquisitions in South Florida.

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