Alfred Pace Of Pacific Urban Investors Acquires 168-Unit Multifamily Complex For $70.5M In Los Angeles

The Preston, a multifamily apartment complex located at 630 Masselin Avenue in Los Angeles, California, consists of 168 units. The property was sold for $70,500,000, with a price per unit of $419,643.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $70,500,000
• Buyer: Alfred Pace - Pacific Urban Investors
• Seller: Chris Payne & Peter Rooney - Sares-Regis Group
• Units: 168

This transaction involved Alfred Pace, representing Pacific Urban Investors, which has been expanding its multifamily portfolio in Los Angeles. The sellers, Chris Payne and Peter Rooney, are affiliated with Sares-Regis Group, which incurred a loss of $16.5 million on this transaction, having purchased the property for $87 million in 2020.