LOS ANGELES, CA - CityView, a premier investment management and development firm focused on urban multifamily real estate in the Western United States, announced that it has sold four multifamily rental properties in the Los Angeles area:
Madison Toluca, a 110-unit complex in North Hollywood, Calif., was sold for U.S. $45.9 million. The property was originally acquired in July 2011.
Riverstone Brookstone, a 250-unit complex in Covina, Calif., was sold for U.S. $50.2 million. The property was originally acquired in September 2011.
Retreat on Sycamore, a 78-unit complex in Hollywood, Calif., was sold for U.S. $31.0 million. The property was originally acquired in December 2012.
Vista Alicante, a 100-unit complex in La Mirada, Calif., was sold for U.S. $14.3 million. The property was originally acquired in December 2012.
“These sales represent the final exits from the 13 properties that CityView opportunistically acquired during the height of the financial crisis, between 2010 and 2012,” said Sean Burton, chief executive officer of CityView. “During that time, we were able to take advantage of market dislocations and buy these very well located properties at a deep discount to replacement cost. This strategy allowed us to generate superior risk-adjusted returns for our investors.”
All four of the exits were made from CityView Los Angeles Fund I.
CityView is a premier developer and investment management firm focused on urban residential real estate in the Western United States. CityView targets multifamily housing ventures in metropolitan markets which are often overlooked due to the complexity of the transaction and other development challenges.