Stockbridge Capital Markets made one of the largest multi-family 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 broker’s report commercial Lee & Associates.
The San Francisco-based REIT has acquired The Bahay, a 200-unit mixed-use apartment complex in the historic Filipinotown neighborhood 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 includes 201,508 square feet. Price per square foot of the pencils at around $680.
According to the Lee & Associates report, Stockbridge’s acquisition of The Bahay ranked as the third best sale deal in Los Angeles by square footage. The top multifamily sale per square foot in 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 purchase of 285 East Del Amo Boulevard in Carson from MBK Real Estate.
The Bahay, a six-story apartment building at 330 North Westlake Avenue, sits on 24,000 square feet of a ground floor that includes parking and the Target retailer. There’s also 35,000 square feet of shared amenity space that includes a swimming pool and outdoor seating 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 listing site Apartments.com. Units average 863 square feet. The project was built on a site that once housed an ice rink for the LA Derby Dolls women’s roller derby team.
The Bahay, named after the Tagalog word for “home”, is located opposite a site where a 93-unit apartment building has been proposed by a group affiliated with Axiom Real Estate Investment.