Multifamily Complex Attracts Multiple Bidders

LOS ANGELES, CA-California Financial Corp. of Los Angles bought a two-building, 71-unit apartment portfolio in downtown Los Angeles from Tower Management of Newport Beach, Calif. for $2.1 million.

The two properties are n the heart of the Central West Redevelopment Zone at 329 W. Fifth St. and 1326 Maryland St. and drew 19 offers in less than two weeks, according to Albert R. Shilton of the Charles Dunn Co.

Shilton, who represented the buyer and the sellers, says the sales price was 12% higher than the asking price.

The 71 units include 60 singles, 10 units of one bedroom and one bath, and one three-bedroom, one-bath unit. The four-story Fifth Street property was built in 1921 and the three-story Maryland Street complex in 1919. Rents range from $330 to $450 for the singles and $700 to $750 for the one-bedrooms, with the three-bedroom unit occupied by the building manager. The seller had owned the property for about 20 years.