California MHP News

Thu, Jul 20, 2017 – Berkadia announced the sale of a newly constructed, 126-unit, mid-rise community located in Lake Balboa, California. Managing Director Vince Norris, along with Managing Director Jim Fisher and Senior Director Mike Smith from Berkadia’s Los Angeles office completed the sale on an “off-market” basis. The transaction was completed on behalf of a private developer for Anaheim-based, Kort & Scott Financial Group. Escrow closed on July 12.

Kort & Scott Financial Group has completed three recent purchases through Norris at Berkadia. In addition to this acquisition, the group also purchased 6940 Sepulveda Blvd. and the Plaza at Lafayette. For Kort & Scott, this marks nearly $250,000,000 of transactions this year and increases their multifamily portfolio to over 9,000 units.

Apartment Complexes Purchased

Woodley Sara Apartments (126 Units)
7121 Woodley Avenue
Van Nuys, California 91406

6940 Sepulveda Apartment Homes (98 Units)
6940 Sepulveda Boulevard
Van Nuys, California 91405

Plaza at Lafayette Luxury Apartments (58 Units)
401 South La Fayette Park Place
Los Angeles, California 90057

Thu, Jul 13, 2017 – A group of approximately 65 residents at the Wagon Wheel and Valley Oaks mobile home parks met with city officials in the second of two forums at the Harrah Senior Center Wednesday designed to inform them of their rights and rental options after a new property management company from out of the area informed them of their plans to raise their rent and threatened evictions if a series of vague demands concerning cleaning and clearing of clutter go unheeded.

Drita Bronkey Resurfaces
Previously with Sierra Corporate Management

According to senior center Outreach Coordinator Priscilla Tarver, residents at both mobile home parks have been served notice by Drita Bronkey representing the new property management company BoaVida informing them of a yearly rent increase, beginning this November but have been given little direction and a limited amount of time to get their spaces up to specifications required by the new management.

Residents paying an average of $488 will see their rents go up by as much as $110 after the new management company took away a $50 yard discount. Tarver said Drita Bronkey sent out a generic letter to approximately 80 percent of residents in both parks informing them they only had 15 days to do major work on their properties including picking up of clutter and toys, cutting of lawns and other needed repair work.

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Willits Mobile Home Park LLC (Previously Wagon Wheel)
c/o BoaVida Communities
PO Box 74415, San Clemente, California 92673

Valley Oaks Mobile Home Park LLC
c/o BoaVida Communities
PO Box 74415, San Clemente, California 92673

Elias Weiner, President at BoaVida Communities, The BoaVida Group. Co-Founder of Cascade Corporate Management and Woodcrest Homes.

Note: BoaVida Communities, LLC is a California Domestic Limited-Liability Company filed on January 31, 2017. The company's filing status is listed as Active and its File Number is 201704110332.

Mon, Jul 10, 2017 – A recently built Wilshire Boulevard apartment complex has sold for more than $80 million as residential development spreads west from downtown Los Angeles into the city’s historic Westlake district.

Beverly Hills developer Sonny Astani said he sold the 218-unit Wilshire Valencia apartments at 1515 Wilshire to Anaheim mobile home community developer Kort & Scott Financial Group on Monday.

Apartments at the Wilshire Valencia run from $1,500 to $4,300 a month.

Wilshire Valencia Apartments
1515 Wilshire Boulevard, Los Angeles, California 90017

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Sonny Astani Sells Westlake Apartments for $83.1MM

Tue, Jul 11, 2017 – Beverly Hills based developer Sonny Astani sold his brand new Westlake apartment complex for $83.1 million to Kort & Scott Financial Group, a mobile home operator based in Anaheim.

The price tag of about $381,000 per unit is among the priciest deals in the Westlake area over the past two years. HFF represented Astani in the deal and procured acquisition financing on behalf of Kort & Scott.