The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



INLAND EMPIRE NEWS
Printer-friendly Version   Email an Associate
Apartment Investor Sells Koreatown Portfolio and Exchanges into Inland Empire Portfolio

11/19/15

Two LA-area apartment portfolios totaling 537 units sold in separate deals with a combined price of $64.225 mil. One of the portfolios is in Los Angeles’ Koreatown submarket, while the other is in the Inland Empire communities of Highland and Chino.

The two deals represent both legs of a 1031 exchange by a single investor who has a 700-unit+ portfolio, mostly in and around Orange County. The investor wanted to divest the Koreatown properties and transfer into assets closer to the rest of his portfolio, and his management company. Lee & Associates’ Cole Martens and Cory Stehr represented all parties in these transactions.

In one of the deals, Prana Investments paid $16.575 mil for a 159-unit portfolio consisting of three buildings in LA’s Koreatown. Prana focuses on stabilizing and revitalizing properties in Los Angeles, New York and San Francisco, many of which, like the Koreatown portfolio, were built in the 1920s or earlier.

The buildings are located at 1057 Western Ave, 147 Normandie Ave and 2795 W 8th St. The seller had owned the buildings since the 1970s.

In the upleg transaction, the seller of the Koreatown properties paid $47.65 mil for a two-property, 378-unit portfolio from a Littleton, CO investment company. That purchase consisted of: Summerwind Apartments, with 180 units in 19 buildings at 2055 Central Ave in Highland; and Amberwood, with 198 units in 10 buildings at 12957 Ramona Ave in Chino.






Return to the Archive page


 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media