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December 6, 2022
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LOS ANGELES COUNTY NEWS
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Prana Investments Spends $18 Mil for 108 Residential Units in Northeast Los Angeles

3/21/18

Prana Investments paid $18.1 mil for the Artiste Portfolio, a three-property, 108-unit ($167.5k/unit) multifamily portfolio located in Los Angeles. The assets were sold by New York-based Urban Smart Growth in a deal that closed March 7.

The properties comprised a unique portfolio of three value-added apartment buildings that were held by the same owner for over 25 years. All three properties are conveniently located in northeast Los Angeles, with convenient access to Route 101, Route 10 and Route 110.

The proeprties had been renovated 15 years ago but the renovations are dated. The buildings are ready for cosmetic upgrades that should allow the new owner to achieve not only higher lease rates but also improved operations and occupancy.

Brent Sprenkle of Berkadia represented the seller in the transaction. The portfolio consists of:

5406 Lexington Ave sold for $7.6 mil ($181k/unit), representing $303/sf, a 4.55% cap rate and 12.81 GRM.
109 S Normandie Ave sold for $5.8 mil ($160k/unit), representing $249/sf, a 4.55% cap rate and 12.07 GRM.
245 N Kenmore Ave closed at $4.75 mil ($158.sk/unit), with a 4.76% cap rate and 12.11 GRM.





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