Apartment Sales Pick Up Steam

LOS ANGELES-Five apartment buildings with a combined total of nearly 300 units have been sold with the help of $11.7 million in financing from PW Funding Inc.

The largest complex is the 127-unit Lombardi Apartments in Woodland Hills, which includes two pools and several other amenities. With 98% of the project leased, the interest rate on the loan was 7.74%, PW Funding says.

The other transactions announced by New York-based PW Funding include the 60-unit Riverside Villa Apartments on Riverside Drive in North Hollywood, the 45-unit Coliseum Apartments near Downtown, the 28-unit Baldwin Manor Apartments and the 22-unit Roxanne Apartments.

Apartment sales across LA County have picked up recently, brokers say, as interest rates have eased and relatively low vacancies push rents higher. PW Funding is a direct mortgage lender that specializes in financing conventional apartments, senior housing and affordable housing properties nationwide.