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3/31/16
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California Landmark Group (CLG) has acquired two mid-century apartment buildings in northeast Los Angeles for $7.5 mil with plans to reposition the assets to cater to the housing needs of young professionals moving into the area.
The buildings, which mark the firm’s entry into the northeast LA market, are located three miles from one another in the Arroyo Seco neighborhoods of Eagle Rock and Highland Park. They were acquired from a private investor who had owned the properties for several decades.
One of the properties, Highland Cove, is a 28-unit apartment complex located at 200 S. Avenue 59 in Highland Park. Built in 1963, the two-story complex features a mix of one- and two-bedroom units with on-site laundry facilities and swimming pool.
The Eagle Rock property at 4319 Toland Way is a 17-unit apartment complex featuring two- and three-bedroom units, each with washer/dryer hookups. Both properties benefit from prime locations within walking distance of three of Los Angeles’ most distinctive pedestrian thorofares -- Figueroa Street, Eagle Rock Boulevard and York Boulevard – the latter labeled the “new coolest street in LA” by Conde Nast Traveler.
“Eagle Rock and Highland Park enjoy a small town feel, and a sidewalk culture that is hard to find in LA,” said CLG President Ken Kahan. “Young professionals and creative types are discovering the reinvented atmosphere of these culturally rich neighborhoods especially as they get priced out of Silver Lake, Hollywood and Downtown Los Angeles.”
CLG will implement a significant capital improvement program that will include a complete renovation of each unit. Upgrades will include new appliance packages, stone countertops, cabinetry, flooring, lighting and fixtures. The repositioning also calls for architecturally rich redesigns of the buildings’ exteriors that will enhance the mid century character of each property, according to Kahan.
Barry Gordon and Justin Forman, multi-housing specialists in the downtown Los Angeles office of Marcus and Millichap, represented both the buyer and seller in the transaction.
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