10 biggest multifamily trades combine to top $1B mark

"Six of the 10 priciest multifamily deals in Los Angeles County were located in the City of L.A., meaning they were taxed extra via Measure ULA, which has slowed commercial trades but wasn't enough to keep these parties from buying or selling. The 10 deals combined total about $1.2 billion, and the six within the City of Los Angeles accounted for approximately $45 million in Measure ULA taxes, which come at a 5.5 percent rate on sales of more than $10.5 million."

"Waterton purchased the apartment complex in Woodland Hills, a neighborhood on the edge of the Santa Monica Mountains in the San Fernando Valley, for about $180 million, or roughly $345,000 per apartment. The seller, AMLI Residential, developed the property at 21200 Kittridge Street around two decades ago. It is within the master-planned community Warner Center, where billionaire owner of the Los Angeles Rams Stanley Kroenke has proposed a $10 billion development. The city transfer tax came out to about $12 million."

"AEW Capital Management purchased the seven-story apartment complex in Hollywood for $159 million, or about $431,000 per apartment. The sellers were Cal-Coast Development and Rescore, a real estate investment trust managed by Encore Capital Management. They developed the project at 1331 North Cahuenga Boulevard. The city transfer tax, which comprises a base tax and a special tax via Measure ULA, came out to about $9.5 million."

Six of the 10 priciest multifamily deals in Los Angeles County occurred in the City of Los Angeles and were subject to Measure ULA's extra transfer tax. The 10 transactions totaled about $1.2 billion, with the six City properties accounting for roughly $45 million in ULA levies. Measure ULA applies a 5.5 percent rate on sales above $10.5 million and has slowed commercial trades but did not prevent major sales. Notable purchases include Waterton's $180 million Woodland Hills acquisition, AEW Capital's $159 million Hollywood buy, and Carmel Partners' $141 million Marina del Rey purchase. Rankings use CBRE and Kidder Mathews data through late-September.

Read at therealdeal.com