Karlin Real Estate Acquires Condominium Development in Los Angeles, California

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Private California investment firm continues to grow its billion dollar portfolio of unleveraged equity capital.

"...we became interested in acquiring this particular asset because of its excellent location, the existence of multiple exit strategies, and the U.S. Government’s efforts to boost the housing market for first time buyers,” says Mr. Schwab.

Karlin Real Estate (KRE) has acquired through bankruptcy a condominium development in the affluent neighborhood of Baldwin Hills, CA. The developments named Bedford Parc & Bedford Promenade consist of approximately 110 condominium units and prime retail space encompassing 154,440 total square feet and 3.5 acres.

KRE’s real estate team purchased the property through a structured 363 sale. KRE had previously purchased the notes that secured the condominiums in August of 2009 and quickly moved into simultaneous negotiations with the developer to structure a credit bid sale that was approved by the judge in April.

This is not an uncommon scenario for KRE, which controls over $1 billion in unleveraged equity capital. Matthew Schwab, KRE’s Managing Director, attributes the company’s success in this transaction to its deep understanding of bankruptcy. “In addition to the special situation, we became interested in acquiring this particular asset because of its excellent location, the existence of multiple exit strategies, and the U.S. Government’s efforts to boost the housing market with stimulus dollars for first time buyers,” says Mr. Schwab. KRE will continue to work with the property’s developer, The Bedford Group, to market and sell the units.

Karlin Real Estate is a California-based investment firm that targets opportunistic acquisitions of commercial, hospitality and multi-family properties across the United States. The firm takes a value-added approach by acquiring real estate assets across a broad range of geographical markets and product types. Karlin Real Estate is an affiliate of Karlin Asset Management, a private investment firm and Karlin Opportunity Fund, an alternative investment firm focused on opportunistic specialty lending.

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Minh Thy Dao
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