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11/15/16
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Alexandria Tower Apartments, a six-story, 60-unit apartment building located in Los Angeles’ Koreatown neighborhood, traded hands in a recent $9.95 mil deal. The transaction closed at a 4.1% cap rate, $165.8k/unit and $257/sf.
Built in the 1920’s, Alexandria Tower is a charming brick building that is subject to rent control. Thirty-six of the sixty units have been renovated with new kitchens and baths, new flooring, stove and refrigerator. A utility bill back system has been implemented for water, sewer and trash. The building features a bright spacious lobby; on-site laundry; controlled access entry; an elevator; and a unit mix consisting of mostly studios and one bedrooms. The property does not offer parking.
The buyer, Pacific Crest Realty, was attracted to the strong rental upside in a submarket with which they are very familiar. Pacific Crest plans to further renovate the common areas and continue the renovation program in order to capture the remaining rental upside on the un-renovated units. This is the company’s 7th 1920’s-era apartment building purchased in Koreatown and surrounding areas in the last 2 1/2 years.
Adrienne Barr with Berkadia represented the buyer and the seller, Los Angeles-based Lion Real Estate Group LLC, in the deal. Lion has participated in over $1 bil of joint venture, equity and mezzanine real estate transactions.
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