PARAMOUNT, CALIFORNIA (January 27, 2020) – NorthMarq’s Southern California investment sales team of Managing Directors Shane Shafer and Kyle Pinkalla arranged the sale of the largest multifamily transaction to close in the submarket in 2019. The Enclave, a 306-unit multifamily property in Paramount, sold on Dec. 17, 2019. This high-quality property is 96 percent occupied and conveniently located near I-105 and I-710 with access to downtown Los Angeles and other 605 Corridor cities.
The buyer is MWest Holdings LLC, a vertically integrated real estate investment company with over 2.3 million square feet of residential and commercial property across the United States. For this acquisition, MWest’s equity partner was BentallGrenOak. The seller was Bridge Investment Group’s Value-Add Fund III based in Salt Lake City, Utah, which owned the asset for nearly five years.
According to Shafer, the incredible interest from buyers represented the pent-up demand for quality multifamily properties in the Southern California market. “This was a unique and rare opportunity. The interest that we received reflected our expertise in selling large Southern California apartment properties and the appetite for large value-add opportunities in the Southern California market.”
Built in 1991, the property has been well maintained and has large and spacious floorplans and numerous amenities, including pool, spa, business center, fitness center, playground, dog park, and a secured parking garage. Additionally due to its location near multiple freeways, the property is a commuter haven, allowing its residents access to over one million jobs in Los Angeles and Orange County. That proximity also made it extremely desirable to investors, according to Shafer.