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10/27/14
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Lion Real Estate Group recently acquired Sherman Apartments, a 60-unit apartment building in LA’s Koreatown for $5.2 mil, or $87k/unit. The property is currently 42 percent vacant and sold with an in-place 1.34% capitalization rate.
Built in 1926, Sherman Apartments is located at 314 S Alexandria Ave, near three metro stations, providing convenient access to neighboring Southern California business corridors. It features 50 studio and 10 one-bedroom/one-bathroom units with rents ranging from $787 - $1,450 per month.
Los Angeles-based Lion Real Estate Group, who own and operate more than 600 units in Los Angeles, plans to initially spend approximately $1 mil redeveloping the property into an posh upscale building to appeal to the urban lifestyle professional. Their plans include the installation of new plumbing, electrical and roofing along with completely renovating vacant unit interiors and common areas.
Peter Strauss of Iconic Investments represented the seller, a Commerce, CA-based private investor, as well as the buyer. Lion was selected from seven offers, paying all cash and closing in 35 days.
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