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9/09/14
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An investor recently purchased three separate apartment buildings in Los Angeles, in two transactions with a combined value of over $27 mil.
In one of the deals, the buyer paid $13.5 mil for El Palacio and The Lotus, two historic trophy apartment buildings comprised of 32 units and located just steps from the vibrant Sunset Strip. The transaction closed on August 13, 2014 in a deal that worked out to approximately $422k/unit.
The properties are adjacent to each other, at the intersection of Fountain Ave and La Cienega, just south of Sunset Blvd. El Palacio consists of 18 units located at 8491 Fountain Ave, while The Lotus has 14 units and is located at 1216 N. La Cienega.
The other acquisition was for The Ventana Apartments, a 52-unit Westside multifamily property at 8560 W. Olympic Blvd, at the border with Beverly Hills. The property traded for $13.75 mil, or about $265k/unit.
Darin Beebower and Bob Safai of Madison Partners represented the Seller, The Praedium Group, in both transactions. Valentin G. Aguilar II of Venable LLP provided legal counsel for the seller.
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