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LOS ANGELES COUNTY NEWS
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Vista Investment Group Buys 276-Unit Res Property in LA’s Baldwin Hills Area

9/07/16

Vista Investment Group LLC has obtained $30.8 mil in financing for the purchase of Woodlake Manor, a 276-unit apartment property in Los Angeles’ Baldwin Hills neighborhood. The property, located at 4555 West Martin Luther King Jr. Blvd, was acquired for $44 mil.

Woodlake Manor was originally built in 1964 and was 97.8 percent leased at closing. The gated community has a picnic area and lush courtyard, and offers nearby access to Interstate 10, two Expo Line light rail stations, several parks and retail amenities, and downtown Los Angeles. The under-construction Crenshaw/LAX light rail is less than one mile from the property. The transaction also included a land parcel currently occupied by two radio towers.

Marc Schillinger with HFF arranged the seven-year, fixed-rate loan with a local commercial bank. Loan proceeds were used to acquire the asset, which was purchased in a separately-brokered, non-HFF transaction.

“We have seen a dramatic improvement in value proposition for the Baldwin Hills submarket throughout the past five years,” said Schillinger. “Continued strong market fundamentals have catalyzed the neighborhood’s growth and we anticipate the area’s positive evolution to continue in the future. With a sale price of nearly $160k per unit, this transaction is a perfect example of the shift in investor appetite for this area.”






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