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Sam Zell’s Equity Residential Unloads 454 Units in LA for $275M – Commercial Observer

Main multifamily funding is flowing in Southern California

Sam Zell’s Fairness Residential has unloaded two adjoining properties with 454 items in Hermosa Seaside in Los Angeles County’s South Bay for a mixed $275 million. Prime Residential acquired the 285-unit Playa Pacifica and 169-unit The Gallery for $162.5 million and $112.5 million, respectively, two blocks from the seaside.

Fairness Residential acquired the properties for $133 million in 2006, in line with Institutional Property Advisors (IPA), a division of Marcus & Millichap, which brokered the newer deal.

“The sale represents the acquisition of 24 p.c of the complete condominium inventory in Hermosa Seaside and practically 70 p.c of the like-kind condominium inventory in Hermosa Seaside and Manhattan Seaside,” IPA’s Kevin Inexperienced mentioned in an announcement. 

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