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4/26/16
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California Landmark Group (CLG) has acquired Lafayette Park Apartments, a 120-unit apartment community in the Koreatown district of Los Angeles. The property was sold by a private investor in an off-market transaction valued at $23.75 mil, or $198k/unit.
Built in 1971, Lafayette Park Apartments is located on a one-acre lot at 349 S. Lafayette Park Place, one block north of 6th St. The multifamily community features a mix of one-bedroom floorplans, perfectly suited to the growing number of young men and women who are moving into the area.
“Koreatown is one of the most in-demand rental markets in Los Angeles,” said CLG President Ken Kahan. “Served by the Metro Rail’s Purple line, which provides easy access to Hollywood and Downtown Los Angeles, Koreatown also boasts one of the highest concentrations of restaurants and nightclubs in Southern California.”
This vibrant social infrastructure has helped to attract a new group of renters to Koreatown that is younger and typically single. According to census figures, approximately one-third of the 120,000 Koreatown residents are between 19 and 34.
“Our goal is to reinvigorate this asset to bring it back to its mid-century design and meet the demands of this growing young demographic in Koreatown. When complete, the quality of this highly renovated apartment building will be on par with new multifamily projects currently under construction, but at more reasonable rental rates.” added Kahan.
CLG will implement a $4 mil capital improvement program over the next several years that will include extensive renovation of the building exterior, pool area and clubhouse. Interior unit improvements will include new appliance packages, stone countertops, cabinetry, flooring, lighting and fixtures.
The acquisition was financed with a $17.5 mil first mortgage loan from Los Angeles-based Mesa West Capital. Stewart Weston, senior vice president investments in the Newport Beach office of Marcus and Millichap, represented CLG in the transaction.
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