Sonny Astani, a real estate developer and chairman of Astani Enterprises, has sold an apartment complex on the Westside, after fighting for years to buy the land under the building.
Astani sold a 118-unit apartment complex at 10751 Rose Avenue in the L.A. neighborhood of Palms for $31.7 million, his firm announced on Tuesday. Blake Rogers at Walker and Dunlop brokered the deal on behalf both Astani and the buyer.
A limited liability company named Yasam Legacy bought the property, according to a source familiar with the matter. Records show the LLC is linked to Sam Yadegar, a multifamily investor and developer based in Sawtelle.
Astani has owned the leasehold interest in the property since 1999, and has fought to acquire the land under the building since 2017, court records show.
Astani sued the land owners in 2017, claiming the owners had incorrectly appraised the property. The fee for the ground lease was based on an appraisal of the property, according to a complaint filed with L.A. Superior Court.
After a period of arbitration, Astani came to an agreement in September with the owners to buy the land for $10.8 million. With that, Astani was able to package up the apartment complex and the land for sale.
Sam Yadegar, who is linked to the LLC buyer on the apartment property, is building a number of multifamily complexes across L.A. In Del Rey, he finished a five-story, 47-unit complex at 11612 West Culver Boulevard last year.