LOS ANGELES, CA - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of Hoover 400, a 54-unit multifamily property located in Los Angeles, CA, within the Koreatown District.
ARA’s Pacific Team transacted the deal on behalf of the buyer and seller, both private investors. ARA Irvine, CA-based Vice President Tyler Martin led the team and was assisted by David Casper and Lara Spratling of ARA’s Private Capital Group. The buyer purchased the property for total consideration of $5,900,000. Built in 1973, the asset has a total rentable area of 35,857 SF and features an attractive unit mix with four functional floor plans, averaging 690 SF, and ranging from bachelors to two-bedroom one-bath homes. Hoover 400 is a well-maintained asset and has undergone interior and exterior renovations, including a fully replaced roof. The property was 100% occupied at the time of the sale.
Located in the heart of Koreatown, Hoover 400 has a prime mid-Wilshire infill location and is walking distance from numerous retail establishments and amenities. Additionally, the property is only three miles west of Downtown Los Angeles and has great access to the 10, 101, and 110 freeways.
“Considering the demand for well-located multifamily assets in Southern California, this particular infill Los Angeles property in Koreatown had very strong interest from not only local players, but a number of other California investors. The bidding process was very competitive, which enabled us to hit list price,” noted Tyler Martin.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Carla Zeineh at czeineh@ARAusa.com or 949.385.5311.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com