Updated Jan 9, 2026
Matt Carney And Austin Nissly Acquire Multifamily Workforce Housing Portfolio In Los Angeles For $30M
$30,000,000
Units
30,000,000
Asset Type
MultiFamily
Closing
Jan 6, 2026
About this deal
AI
The Workforce Housing Portfolio, located in Los Angeles, was sold for $30 million. The multifamily asset consists of 127 units, amounting to a price per unit of $236,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,000,000
- Units: 127
- Buyer: Matt Carney & Austin Nissly - LWK Partners; Mark Lecocq - Cypress Equity Investments; Pat Jackson - Sabal Investment Holdings
- Lender: Ascent
Cypress Equity Investments, LWK Partners, and Sabal Investment Holdings acquired the portfolio with plans to add 52 new units under California’s SB 1211 legislation. The joint venture has an established pipeline and has already added 100 units across 15 acquired properties, targeting undersupplied workforce housing throughout Greater Los Angeles.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93