Clarion Partners has sold an apartment complex in Playa Vista for $122 million, a price that technically amounted to a discount after the city took its 5.5 percent tax on the sale under Measure ULA, The Real Deal has learned.
San Francisco-based DivcoWest bought the 214-unit Reveal Playa Vista, located at 5710 East Crescent Park, according to property records filed with Los Angeles County. The deal came out to about $570,000 per unit.
Clarion bought the property for $117.5 million, or roughly $549,000 per unit, in 2018, records show.
Things have changed in Los Angeles since then. The city now has a 5.5 percent transfer tax on all commercial sales of more than $10 million.
Clarion had to pay the city almost $7.3 million under the tax, according to the deed for the property. Taking that off the top, the sale yielded about $114.7 million for Clarion. The company did not respond to a request for comment.
Monthly rents at Reveal Playa Vista range from about $3,500 for a one-bedroom to about $5,000 for a two-bedroom, according to online listings for the apartment complex.
The median rent for a one-bedroom unit across the market from Westchester to Playa del Rey, where Playa Vista is located, was $2,830 last month, down about 8 percent over the last year, according to Zumper.
The post Clarion Partners sells Playa Vista apartments at slight discount appeared first on The Real Deal.
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