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April 15, 2024
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Xenon Investment Corp Spends $42 Mil on 130 Res Units in L.A.ís Koreatown Submarket


Xenon Investment Corp recently acquired two multifamily properties totaling 130 units in Los Angelesí Koreatown submarket for a price of $42.2 mil, or about $324.6k per unit. The assets were sold by a private family investment entity that had owned the properties for many years.

The acquisition consists of a 56-unit property at 310-314 S. Virgil Ave and a 74-unit property at 315-319 S. Virgil Ave. Both built in 1991, the assets are located west of Occidental Blvd on the south side of 3rd St, a few blocks from Hwy 101.

Peter Strauss and Adam Zunder with Iconic Investments brokered the transaction.

Los Angeles-based Xenon, led by principals Deepak Mehta and Rohit Mehta, plans to fully renovate and modernize these buildings and bring them up to par with the other assets in their portfolio. In the past one year, Xenon has acquired over 500 units in Los Angeles, with a total value in excess of $150 mil.

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