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11/19/15
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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.
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