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4/14/22
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Laguna Point Properties has acquired a five-property, 1,037-unit multi-housing portfolio located in downtown Los Angeles. The deal was financed with $328.8 mil in acquisition money arranged by JLL Capital Markets.
The portfolio includes four historic pre-war buildings and a 1959-vintage building converted from an office asset. The portfolio properties are the 184-unit Lofts, 214-unit Main, 198-unit Manhattan, 178-unit Spring and 263-unit Tower, all of which underwent their conversions between 2007 and 2010.
JLL’s Charles Halladay, Jamie Kline and Charlie Vorsheck arranged the three-year, floating-rate acquisition loan. The loan, which includes two 12-month extension options, was funded through MF1 Capital LLC.
“This transaction provides Laguna Point with an opportunistic scenario through which the company can re-enter the Los Angeles market,” said Garrett LaBar, Laguna Point Properties Director of Acquisitions and Dispositions. “Laguna Point believes that the timing could not be better, given the recent gains in occupancy and rent momentum in downtown LA. With employees returning to work in the area in large numbers, the portfolio is well-positioned to benefit from the increasing demand for rental housing.”
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