The Burlington Portfolio Case Study
Westlake/MacArthur Park, Los Angeles, CA
The Opportunity
Built in 1989, the Burlington Portfolio consisted of three multifamily buildings totaling 192 units in the Westlake/MacArthur Park submarket of Los Angeles. The property carried real upside, but the sale was complicated by a publicized tenant strike and California’s newly enacted statewide rent control law (AB 1482), which took effect just days before the transaction closed. The seller wanted to complete a 1031 exchange while moving investment capital out of California and into Texas.
The Solution
To meet the seller’s exchange timeline, our Los Angeles team coordinated directly with brokers in Austin, accompanying the client on property tours and introducing them to regional specialists. By starting the exchange search early and drawing on cross-country relationships, we sourced two off-market multifamily opportunities in Austin and San Antonio. Both assets went under contract before the Burlington Portfolio closed in Los Angeles, protecting the seller from any risk of missing IRS 1031 deadlines.
The Results
The Burlington Portfolio sold at an aggressive price, allowing the seller to exchange into two Texas properties with stronger income profiles. Both replacement properties closed smoothly, delivering a meaningful increase in net operating income over the original Los Angeles portfolio.
See the full closed sale record for 131-171 S Burlington Ave.
If You Are in a Similar Situation
Planning a 1031 exchange
An exchange only works if the replacement search starts early. See our page on 1031 exchanges and our guide to capital gains and depreciation recapture to see what is at stake.
“Josh and Troy from the Highlight Group at Equity Union represented me in the sale of my apartment building in Los Angeles and brought multiple qualified offers to the table. Before closing, the team helped me identify several good options for my 1031 Exchange. The team's connection with brokers in Austin also greatly helped me transition smoothly into apartment ownership in Texas. I highly recommend them if you're buying or selling multifamily property.”
Frequently Asked Questions
How much did The Burlington Portfolio sell for?
The Burlington Portfolio (Westlake/MacArthur Park, Los Angeles, CA) sold for $48,250,000. The building has 192 units, or about $251,302 per unit, and about $332 per square foot of building area.
What happened in the sale of The Burlington Portfolio?
A 192-unit, three-building Westlake portfolio sold under new statewide rent control, exchanged into two Texas multifamily assets across state lines.
Can Highlight help me sell a similar building?
Yes. We advise apartment owners across the Los Angeles area on sales, 1031 exchanges, and trust and probate sales. Start with a free, confidential Broker Opinion of Value, or see our other case studies and closed sales.