In one of the largest apartment sales this year, Cigna Life Insurance has acquired Porto Verde Apartments, a 216-unit luxury apartment complex in Palos Verdes, from owner Porto Verde Apts. for $25.8 million. The fully occupied property, which has ocean views, was never officially listed. Nevertheless, it received numerous offers, according to Melinda Russell of Capital Commercial Real Estate, which brokered the sale.
In recent weeks, Kennedy-Wilson of Santa Monica has acquired two more office buildings, at 5900 Sepulveda Blvd. in Van Nuys and at 301 S. Fair Oaks Ave. in Pasadena. The 75,000-square-foot, five-story office building in the San Fernando Valley was purchased from a private individual for $6.6 million. It is 80% leased. The 53,000-square-foot medical office building in Pasadena was acquired from Tokai Bank for $9.1 million.