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7/25/17
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Los Angeles-based RVT Capital acquired a two-building, 54-unit apartment community in Los Angeles for $9.1 mil ($169k/unit). The asset, located at 118-124 Westmoreland Blvd, was sold by Lion Real Estate Group.
Lion acquired the property in 2015 for approximately $130 per square foot as part of a portfolio acquisition. Following the acquisition, the company completed a renovation of the property that included new exterior paint, new paint in common area hallways, new common area flooring, upgraded lights fixtures and updated landscaping.
Built in 1926, 118-124 Westmoreland Blvd is ideally located near the Koreatown, Silverlake and downtown Los Angeles submarkets. It features 42 studio units and 12 one-bedroom units with average rent ranging from $490 to $1,550 per month.
Henry Garcia of Keller Williams represented Lion Real Estate Group in the sale. RVT Capital repped itself in the deal.
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