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Vista Investment Group Acquires Two L.A. Area Multifamily Properties

2/06/20

Vista Investment Group has picked up multifamily properties in Koreatown and Hollywood, the first two assets in a $50 mil portfolio acquisition of four Los Angeles area rent-controlled apartment communities totaling 167 units. Vista expects to close on the remaining assets -- located in Culver City and Mar Vista -- by the end of February.

The Hollywood purchase is of Park Winona, a three-story building constructed in 1963 and located at 1840 Winona Blvd, in the Hollywood submarket of Los Feliz. The property features 50 apartment homes, offering studio, one- and two-bedroom floor plans.

Strong job growth fundamentals, driven by the influx of media, technology and entertainment companies into the area, make the property a desirable location for renters. According to bestplaces.net, future job growth over the next 10 years in the Hollywood market is predicted to be 36.3%, just under three percent higher than the US average of 33.5%.

Vista will initiate a capital improvement program that includes upgrading apartment interiors with high end finishes and renovating common areas and amenities.

Tony Azzi from Marcus and Millichap represented the seller in the deal.

The other acquisition, Leeward Apartments, is a three-story building constructed in 1923 and located at 2810 Leeward Ave in Koreatown. The 19.8k sf building features mostly studio apartments, as well as a limited number of one-bedroom homes.

Koreatown’s high level of accessibility continues to attract people who are looking for housing that offers a balance of urban living and manageable commute times to jobs throughout Los Angeles. Vista will initiate a capital improvement program that includes upgrading apartment interiors, renovating all community amenities and refreshing exteriors and landscaping.

Bryan Glenn of Kidder Matthews represented both parties in the transaction.

Since 2009, Vista has invested in more than 1,500 rent-controlled properties in Los Angeles, fueled by the belief that when properly operated, they can offer excellent risk-adjusted returns, according to Vista President Jonathan Barach.






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