Stockbridge Capital Markets made one of the biggest multifamily purchases in the Los Angeles market during the second quarter with the nearly $138 million acquisition of an Echo Park apartment building, according to a report from commercial brokerage Lee & Associates.
The San Francisco-based REIT acquired The Bahay, a 200-unit mixed-use apartment complex in Historic Filipinotown, between downtown Los Angeles and Echo Park. The seller was Trammell Crow Residential.
Stockbridge announced the deal in June, but did not disclose the price at the time. The San Francisco-headquartered REIT paid $685,000 per unit, according to the Lee & Associates report and property records. The project comprises 201,508 square feet. Price per square foot pencils out to around $680.
According to the Lee & Associates report, the Stockbridge acquisition of The Bahay was ranked third in the top Los Angeles sales transactions by square footage. The top multifamily sale by square feet during the quarter was Douglas Emmett’s $330 million acquisition of 1221 Ocean Avenue in Santa Monica from The Irvine Company; second place went to MG Properties’ $171 million buy of 285 East Del Amo Boulevard in Carson from MBK Real Estate.
The Bahay, a six-story apartment building at 330 North Westlake Avenue, rests above 24,000 square feet of a ground level floor which includes parking and the retailer Target. There’s also 35,000 square feet of shared amenity space which includes a pool and an outdoor lounge area. Monthly rents range from $2,180 to $3,830 for studios to two-bedroom apartments, which range from 394 square feet to 1,180 square feet, according to the Apartments.com listing site. Units have an average of 863 square feet. The project was built on a site which formerly housed a rink for the L.A. Derby Dolls women’s roller derby team.
The Bahay, named after the Tagalog word for “home,” is located across the street from a site where a 93-unit apartment building was proposed by a group affiliated with Axiom Real Estate Investment.
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