KW Commercial announces BIG multi-housing portfolio sale for two properties in Koreatown, Los Angeles
KW Commercial's Rich Johns announced today that they have closed a sale transaction totaling $6.025 million for a 2-building apartment portfolio in the Los Angeles area.
LOS ANGELES, Dec. 5, 2019 /PRNewswire-PRWeb/ -- The assets are located at 2845 and 2869 San Marino Street in Koreatown and consisting of a total of 40 units (20 units each), with a unit composition consisting of all single apartments. The closing metrics represented a $151,375 per unit, 4.5% cap rate and 13.0 Gross Rent Multiplier. The KW investment sales team lead by Rich Johns spearheaded the marketing and sale efforts in the transactions.
"This portfolio sale represents a rare multi-housing transaction in the area," said Johns. "The properties, located in an increasingly transforming market, were well maintained, however, still had many below market rents, thus providing tremendous long-term upside for the buyer, a Boston based nationwide investment company." added Johns. "There are several ways the buyer may elect to add value, including improving on existing common area configurations and the eventual renovation of units to appeal to the evolving aesthetic of the submarket."
For more information about this sale and other commercial properties, contact:
Rich Johns
KW Commercial
Multifamily Advisor
Direct: 818-432-1575
[email protected]
About KW
KW Commercial operates out of over 800 offices nationwide and is a leading provider of commercial real estate services to the U.S. commercial real estate industry. KW has a team of specialized investment brokers that advise clients on the sale of multi-family properties in commercial business districts nationwide.
SOURCE KW Commercial
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