LOS ANGELES — Northmarq’s West Village and Los Angeles investment sales teams have completed the sale of a three-property portfolio totaling 579 units in Los Angeles and Orange counties. Included in the sale were The Piedmont, a 198-unit mixed-income luxury seniors community in the North Hollywood neighborhood of Los Angeles and Burbank Senior Artists’ Colony, a 141-unit property in Burbank. The Piedmont sold for $45 million, while Burbank Seniors Artists’ Colony sold for $31.5 million. The price of the third property, Coventry Court in the Orange County community of Tustin, was not disclosed. The Piedmont has a total of 198 units, with 44 units reserved for residents earning at or below 50 percent of the area’s median income. Approximately 44 units at the Burbank Seniors Artists’ Colony are income restricted. The seller of the portfolio was Meta Housing Corp. The buyer was an undisclosed Los Angeles-based private investor. Northmarq represented both parties in the transaction.
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