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7/17/15
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A local, LA-area investor purchased The Deveraux, a 30-unit apartment building in the city’s Koreatown neighborhood, for $4.7 mil, or about $157k/unit. The all-cash transaction closed in a 14-day escrow, with the property trading at a 6.23 percent cap rate.
Built in 1923, The Deveraux is located at 2921 S. Francis Ave, five blocks south of Wilshire Blvd between S. Vermont Ave and S. Hoover St. The three-story building consists of all studio units.
The property was sold by ASBREA LLC, who acquired the building in August 2013 for $2.6 mil. Over the next two years, the owner vacated and then renovated 24 of the 30 units and re-leased them at market rents. Upgrades to the units included Carrera marble countertops, tile floors, all new windows, stainless steel appliances and new paint and moldings.
At the time of this sale, the property was 90 percent leased. Rents at close ranged from $1,250 to $1,300 for first floor units to $1,450 for third floor units, with views of downtown Los Angeles.
Dana Brody, Executive Managing Director with Commercial Asset Group, represented the seller in the transaction. The buyer represented itself.
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