LOS ANGELES, CA – A 47-unit multifamily building in the Koreatown neighborhood of Los Angeles has traded for $6,950,000 after multiple offers were received on the property, according to Cory Stehr and Cole Martens, principals of Lee & Associates-LA North/Ventura who represented the buyer and seller in the transaction.
The property, Normandie Arms Apartments at 147 S Normandie Ave., sold to MMK Capital, Inc., an investment firm with a portfolio of similar properties in the area. The seller was Prana Investments.
“The property is a one-of-a-kind vintage architectural asset with rents considerably below market in an area that is seeing huge rental demand,” said Stehr. “Those features attracted several different types of buyers.”
Built in 1926, Normandie Arms Apartments consists of 47 single units, a common laundry room and a basement with secured front entry. The third and fourth floor units offer stunning views of the Hollywood Hills to the north, downtown to the east and Century City to the west.
“The buyer plans to renovate the common area and the units with upgraded kitchens and energy efficient appliances,” Martens said. “The property was built with exposed brick walls, arched entryways and carved stone detailing, and the renovations will only enhance its charm.”