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3/31/23
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Positive Investments wrapped up a SoCal res buy, paying $8.21 mil for The Lawndale Portfolio, two multifamily assets totaling 34 units ($241.5k/unit) in the L.A.-area city of Lawndale. The properties were 94% occupied at the time of the sale.
One of the properties is located at 14504 Avis Ave and was built in 1955. It features 19 units on a 39k sf lot. The other property is located at 4551 W 159th St and was built in 1984. It includes 15 units over semi-subterranean parking.
Both properties provide convenient access to the 405 Fwy, retail and entertainment venues in the heart of the South Bay.
Steffan Braunlich of Berkadia represented the seller in the transaction, which closed at a 5.15% cap rate. The properties were 94 percent occupied at the time of the sale.
“Certainty of close was most important to the seller and we were able to find a single buyer who would acquire both assets at a strong price,” said Braunlich. “The City of Lawndale continues to see big interest from investors.”
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