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4/13/23
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Gramercy Townhouse, a 30-unit in L.A.’s Koreatown neighborhood, traded hands in a $7.15 mil ($238.3k/unit) deal. Located at 430 S. Gramercy Place, Gramercy Townhouse is a three-story apartment building with a mix of studio, one-, and two-bedroom units.
The property had not traded previously for decades and offered the buyer, a local family investment entity, significant value upside. A major draw of the property is its highly walkable location just 10 minutes from the Wilshire/Western Station of the Metro D (Purple) Line, which is currently being extended from Koreatown to Westwood with planned stops in Beverly Hills and Century City.
Keon Truth of The Mogharebi Group represented the seller, a private family based in Los Angeles. The seller held the property long-term and were ready to reposition their holdings into more passive investment avenues. Like many active owners this year, they faced the impending Measure ULA tax. The Measure, which went into effect on April 1, 2023, established a 4.0% tax on the transfer of real estate valuing more than $5 mil. Had the sellers not completed the transaction beforehand, it would have been subject to the new tax.
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