Elkins Kalt Represents Buyer on US$150 Million Purchase of 385-Unit Multifamily Community in Montclair, CA
May 24, 2023
Elkins Kalt represented the buyer, a multifamily real estate investment firm with approximately $1 Bn in assets under management, in the recent acquisition of a 385-unit multifamily community in Montclair, CA for US$150 million. The community is a mix of studio, one-, two- and three-bedroom apartments with resort-inspired amenities, spanning almost 2 city blocks in the Inland Empire, adjacent to Los Angeles County.
The complex transaction involved a preferred equity partner, the assumption of in-place senior and supplemental loans, and multiple 1031 exchanges with tenants-in-common entities.
The Elkins Kalt team was led by partners Keith Elkins and Phil Lerch, with associate Ellina Chulpaeff. Partner Tom Levy provided advice on tax matters.