Pellegrino Family Trust Acquires Multifamily Property In Los Angeles For $74.5M

The multifamily property located at 616 Esplanade in Los Angeles has been sold in a closed transaction. The sale took place on 03/18/2022 and involved a total of 105 units. The property spans across 84,000 square feet and was sold for a price of $74,500,000, resulting in a price per unit of $709,523 and a price per square foot of $886. The buyer of the property is the Pellegrino Family Trust represented by Ray Pellegrino, while the seller is Ideal Capital Corp. represented by Kevin Conway and Austin Herzog.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $74,500,000
• Address: 616 Esplanade
• Market: Los Angeles
• Units: 105
• Price per Unit: $709,523
• Square Footage: 84,000
• Price per Square Foot: $886

The buyer's representative in this transaction is Mason Rowland and Ryan Rembert from KW Commercial, while the seller's representative is Dean Zander and Stew Weston from CBRE.