Traweek Sells 2,383 Units for $144 Million

Traweek Investment Co., Marina del Rey, has announced the sale of seven California properties with a total of 2,383 units for a total price of $144 million on a cash basis to a wholly owned subsidiary of Cigna Insurance.

They included a 248-unit apartment complex in Torrance, 372 units in Sherman Oaks, 363 units in West Los Angeles, 564 units in San Diego, 260 units in Upland, 304 units in Huntington Beach and 272 units in Anaheim.

The sale was negotiated by Traweek on behalf of 6,789 California investors participating in Traweek-sponsored limited partnerships. Financing was from Travelers Insurance Co., Hartford, Conn., and the properties will be managed by R & B Enterprises.