Nine-Figure L.A. Deal
Commercial Observer
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The multifamily market might be a bit of a mixed bag, but it continues to draw rapacious investor interest in many markets. One of those markets is the L.A. area, where a four-story, 312-unit building just sold for $115 million. Read on. Also for today: A potentially large sale in Lower Manhattan.
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— Tom Acitelli, Deputy Editor
Prime Residential Pays $115M for SoCal Multifamily Property
One of the most expensive multifamily deals in Los Angeles County so far this year has just closed in Pomona — but it isn’t another luxury high-rise. Investment firm Prime Residential paid $115 million for a four-story, 312-unit building, dubbed The Gabriel, at 2771 North Garey Avenue to partners CP Capital and Greystar. The deal for the property, which the pair delivered in 2022, works out to roughly $368,600 per unit. It was 94 percent leased at the time of the sale. Prime Residential also landed a $74.8 million loan from CBRE Capital Markets to help with the acquisition.
Metropolitan College to Offload Lower Manhattan Campus Prior to Default
The Metropolitan College of New York (MCNY) plans to sell part of its Lower Manhattan campus ahead of an intentional default on its Nov. 1 debt payment. MCNY will sell “either in whole or in part” its campus in Manhattan, court records made public Wednesday show. Cushman & Wakefield will act as the school’s broker in the deal, according to Bloomberg, which first reported the news. It’s unclear how much of its campus MCNY will offload, but the institution owns a 110,000-square-foot space at 40 Rector Street in the Financial District, according to a 2016 release. The building at the corner of Rector Street and West Street has an alternative address of 60 West Street, the Manhattan address listed on the college’s website.
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