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7/30/15
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A 32-unit, a non-rent controlled multifamily property in the Koreatown neighborhood of Los Angeles sold for $4.9 mil, or $153k/unit. The property, located at 932 Irolo St, was purchased from a Beverly Hills-based private investor by Engine Real Estate LLC, out of Los Angeles.
Built in 1927 in Art Deco design, the property was 97 percent occupied at the close of escrow and includes 24 studio units and eight one-bedroom units. On-site amenities include upgraded units and common areas, laundry room, secured access, and an intercom system.
The asset is located in the amenity-rich heart of Koreatown north of Olympic Blvd, south of 8th St and just east of Western Ave. It is adjacent to the Seoul International Park and is walking distance to the purple line Metro stop at Wilshire / Normandie, as well as the Robert F. Kennedy Schools.
Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented buyer and the seller in the deal. The closing cap rate was 5.5 percent.
“The seller decided to add value by fully renovating the asset in order to maximize value and buyer attention,” said Neman. “The buyer plans to make some small improvements that include providing additional amenities, and improving overall property management and operations of this vintage property.”
With its central location close to Downtown Los Angeles, Hollywood, and Mid-City, Koreatown continues to experience strong rental growth, investment demand, and an influx of renters seeking renovated, high-end apartments.
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