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8/24/17
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A Los Angeles-based private investor paid $8 mil for a 36-unit ($222k/unit) res property in L.A. Located at 5100 Maplewood Ave, the asset was sold by Lion Real Estate Group.
Built in 1969, 5100 Maplewood Avenue features two studio units, 27 one-bedroom units and seven two-bedroom units with average monthly rents ranging from $1,107 to $2,028. It is situated north of Beverly Blvd at Wilton Place, east of Hancock Park.
Lion Real Estate Group acquired the property in 2013 for $4.65 mil. Following the acquisition, the company's renovation work included new exterior and interior paint as well as upgraded interiors and landscaping.
"The Los Angeles apartment market continues to appreciate in value with strong fundamentals and a diverse renter pool,” said Jeff Weller, Lion Real Estate Group Managing Principal. “Lion Real Estate Group will continue to look to identify and acquire office and multifamily properties in Southern California and Tennessee."
Tom Jonsson and Will James of CBC Advisors represented Lion Real Estate Group, led by Managing Principal Jeff Weller, in the sale.
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