WS Communities recently concluded a significant move in the real estate market by selling three apartment complexes in West Los Angeles and Santa Monica. This offloading fetched a combined sum of $76 million, or about $429,000 per unit, according to a report from The Real Deal. FPA Multifamily, an Irvine-based investment firm, acquired all three properties.
These properties, consisting of 177 units in total, are situated at 1759 Beloit Ave. in Los Angeles’ Sawtelle neighborhood and 1539 4th St. and 1548 6th St. in Santa Monica.
All three properties were developed between 2009 and 2010 and consist of 34 units, 50 units and 54 units, respectively.
The acquisition by FPA Multifamily involved leveraging approximately $43.4 million in loans sourced from JLL Real Estate Capital, per the report.
Founded in 2018 in Santa Monica, WS Communities is a real estate development firm that specializes in the acquisition, entitlement and development of multifamily and mixed-use properties throughout Southern California, according to its LinkedIn page.
FPA Multifamily is a real estate investment firm headquartered in San Francisco with offices in Atlanta, Chicago, Houston, Irvine and Washington D.C. Since its founding, the firm has transacted on approximately $23 billion of apartments totaling 750 buildings and 145,000 apartment units.
