Frustrated with regulations, this Los Angeles investor is trading apartments for industrial
Torrance-based William Tseng, operating as Investor Park Towers Corp., sold the 21-unit Mar Vista Lofts complex in Mar Vista to investors including local development firm Schon Tepler Group, for $9 million, or $452,380 per unit. That's less than the cost to replace the property, according to Colliers, and is below the property's last sale price of $12 million in 2016.
Tseng, a longtime investor of non-rent-controlled apartment buildings on the Westside, was tired of the city's strict rent control laws, tenant protection ordinances, high property taxes on multifamily units, and increasing regulations on rent increases cutting into his profits, according to Kitty Wallace, vice chair at Colliers, who represented both sides in the deal with Colliers Associate Melanie Nutting.
"A bit frustrated with local legislative challenges, he has slowly exchanged his multifamily assets for industrial properties, which led to him selling his final and favorite Los Angeles asset,” said Wallace, who represented the seller in two other recent multifamily transactions, in a statement.