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4/04/17
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Plaza at Lafayette Apartments, a 58-unit multifamily property in Los Angeles’ Koreatown District, sold for $20.5 mil, or $353.4k/unit. It was sold by the property’s original developer, Upside Investments, and acquired by Platinum Acquisitions, out of Placentia.
Plaza at Lafayette is located at 401 S. Lafayette Park Place, west of Alvarado St and south of Beverly Blvd. It features a variety of floor plans, including one- and two-bedroom apartment homes that offer an average of 876 sf of space.
Community amenities include an open central courtyard with barbecue area and lounge seating, an on-site laundry center, a leasing center with attached fitness center and a gated parking garage with 107 on-grade and subterranean parking spaces.
Plaza at Lafayette straddles the Koreatown and mid-Wilshire neighborhoods, a central location between Hollywood and Downtown. Art deco-style buildings, retro-feeling music venues and farmers' markets are attractive features of the surrounding area. A new city Target is located within walking distance of the property.
Berkadia’s Vince Norris represented the seller in the deal. The listing attracted the attention of nearly 140 capital sources, including both private individuals and institutional capital markets, resulting in multiple qualified offers, according to Norris.
“This is a very attractive investment with lots of upside potential,” Norris said. “The property is in an excellent pocket of Koreatown that has become a highly desirable area for young professionals who want to live close to the myriad of culinary and nightlife options and multiple metro lines. Residents will also have quick access to the major employers in the area. With minor interior renovations, the new owners expect to see a strong return on investment.”
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