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December 8, 2019
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Apartment Portfolio in Los Angeles’ Westlake/MacArthur Park District Sells in $48 Mil Deal

10/08/19

A three-property apartment portfolio comprised of 192 multifamily units in L.A.’s Westlake/MacArthur Park submarket, traded hands in a $48.25 mil ($251.3k/unit) deal. We’re told the transaction is one of the five largest deals completed in the submarket since 2010.

The transaction was financed with a $36.95 mil bridge loan arranged by George Smith Partners. The loan is structured as $33 mil at closing, $825k in interest reserve, and $3.136 mil in holdbacks for capital expenditures. The fully funded loan represents 72.5% of the project capitalization.

The portfolio is made up of properties located at 131, 143 and 171 S. Burlington Ave, between Beverly Boulevard and Third St in the Westlake district of Los Angeles. The up-and-coming district sits west of Downtown Los Angeles, south of Historic Filipinotown and east of Koreatown. With an estimated 45,000 residents in just 2.72 square miles, Westlake is the second-highest density district in Los Angeles after Koreatown, and it will continue to see strong tenant demand for rentals for the foreseeable future.

Josh Kaplan and John Swartz of Transwestern Commercial Services’ Multifamily Investment Services group represented the seller, a private investor, in the transaction. Kaplan noted that this sale shows that despite the concern over rent control legislation, there is still very high investment demand for multifamily properties in the Westlake/MacArthur Park area of Los Angeles.





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