The Angela Aman-helmed Kilroy Realty sold two luxe apartment towers in Hollywood, the Los Angeles real estate investment trust reported in its first quarter earnings release on Monday. The buyer is unclear, but we know the sale closed in April and yielded $202 million in gross sales proceeds.
The towers were Columbia Square Living, which has 200 apartments and is at 1550 North El Centro Avenue, and Jardine, which has 193 apartments and is at 6390 DeLongpre Avenue. The apartments are located on Kilroy’s Columbia Square and On Vine mixed-use campuses.
The On Vine campus has creative office space and retail and is anchored by Netflix. Columbia Square, as described on the company’s website, is “a modern interpretation of a studio lot, built on the fabled grounds of CBS.” Both campuses were hundreds of millions of dollars in the making.
“We remained active on the capital allocation front, selling approximately $350 million of non-core and non-strategic properties year-to-date, while prudently allocating capital to debt repayments (and) opportunistic share repurchases,” Aman said in a statement accompanying the release.
The company simultaneously announced the sale of Del Mar Tech Center, an about 39,000-square-foot office building in Del Mar for gross sales proceeds of $21 million.
During its last earnings call for the fourth quarter, the REIT announced it sold an office campus in San Diego’s I-15 Corridor for $124.5 million — and purchased a life sciences campus in Torrey Pines for $192 million. That move came after earlier plays of selling not-so-occupied offices in less desirable locations, such as 501 Santa Monica or Sunset Media Center, and buying hot properties in popular places such as Maple Plaza in Beverly Hills.
After the latest trades, Kilroy only has two other pieces of SoCal multifamily real estate in its portfolio. Both are in San Diego: the One Paseo in Del Mar, and a tower it’s developing in the East Village.
Kilroy posted a net loss of $19 million during the quarter ended March 31, compared to a net income of $39 million the same period last year.
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