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7/05/17
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San Francisco-based Prana Investments recently closed on an LA multifamily buy, paying $8.7 mil for Kingsley Tower, a 45-unit ($193k/unit) apartment building in the city’s Koreatown area. The property, located at 530 S. Kingsley Dr, was sold by Lion Real Estate Group.
Lion Real Estate Group acquired the property for approximately $4.2 mil in 2012. Following the acquisition, the company renovated the property which included adding refinished hardwood flooring, exposed brick walls, new appliances, granite countertops, designer light fixtures, ceiling fans, and pedestal sinks, among other improvements.
Built in 1930, Kingsley Tower is an apartment building with a gated subterranean parking garage. It features five bachelors, 30 studio units and 10 one-bedroom units with typical monthly rents ranging from $911 to $1,402.
The property is located in the rapidly developing center of Koreatown, a strategic location near some of the region's largest employer hubs and educational institutions and offering residents a dynamic live-work-play urban environment. Residents also benefit from their proximity to public transit including multiple bus lines and two Metro Stations.
Darin Beebower of Madison Partners represented Lion Real Estate Group in the sale. Prana Investments represented itself.
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