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7/26/16
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A 27-unit multifamily complex in the MacArthur Park district of Los Angeles was acquired by a local family trust for $6 mil, or $222k/unit. Built in 1988, the three-story property is located at 430 S. Grand View St, north of Wilshire Blvd and two blocks west of Alvarado St.
The property is currently being operated as low income housing under a Community Redevelopment contract that expires in 2018. The complex features a mix of single, one-, two-, three- and four-bedroom units.
Henry Garcia of Keller Williams Studio City represented the seller, a local investor operating as 428 South Grandview LP Garcia. Ryan Carney, a broker with Success with Integrity, represented the buyer.The listing generated numerous offers from prospective buyers willing to pay a premium for a building that will become market rate at the expiration of the CRA contract.
“We are seeing a lot of changes taking place in the MacArthur Park/Westlake area, which is driving a lot of interest from both renters and investors,” said Garcia. “Sandwiched between the more expensive Koreatown and Downtown Los Angeles submarkets, MacArthur Park/Westlake provides a more affordable rental option with the same access to music and sports venues, restaurants bars and shopping.”
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