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5/11/18
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Positive Investments has acquired a vacant, 86-unit multifamily property in Compton for $12.5 mil, or $145k/unit. It was sold by a community-based 501(c)3 non-profit in an off-market transaction.
Built in 1986, the 79.4k sf property is located at 1515 E Rosecrans Ave, west of the 710 Fwy near Long Beach Blvd. It spans nearly one city block and contains a mixture of one-bedroom, two-bedroom, three-bedroom townhouse, and four-bedroom townhouse floor plans.
With Positive Investments already owning a 70-unit property across the street, acquiring another property fit well with the company’s investment strategy to build scale in the area and to fill the need for the broad array of housing needs for those living in South Los Angeles.
Henry Garcia of Keller Williams Commercial Studio City represented the Arcadia-based buyer in the deal. Steve Mortitz and Joe Cilic of Sotheby’s International Realty repped the seller, which sold the asset to gain capital to buy another property.
“This is the tenth property our client has acquired in this area in the past six months,” said Garcia. “Positive Investments plans to undertake a major capital improvement program to transform the asset into a hybrid housing community which will include a mix of special needs, low income Section 8 and market rate units.”
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