STUDIO CITY, CA - A portfolio of four 1920s vintage apartment complexes totaling 141 units in the Mid-Wilshire submarket of Los Angeles have been put on the market for $27.2 million by Henry Garcia of Keller Williams, on behalf of Los Angeles-based investment firm Lion Real Estate Group, LLC.
The offering represents an increasingly rare opportunity to acquire four substantial multifamily assets and immediately establish scale in the difficult-to-enter Mid-Wilshire sub market, which has a vacancy rate less than 3%, noted Garcia.
The for-sale portfolio includes:
•118 & 124 N. Westmoreland Ave., two buildings, 54 units, built 1926
•915 S. Carondelet, 48 Units, built 1914
•939 S. Gramercy Place, 39 Units, built 1927
The four properties featuring all-brick construction have been expressly selected to create a curated, “pocket” portfolio in one of the most sought after and desirable rental markets in all of Los Angeles, according to Garcia.
“These distinctive apartment assets are in or near Koreatown, and close to Downtown Los Angeles and mass transit,” said Garcia, a 17-year property broker veteran. “Each asset offers durable cash flow and excellent value-add potential for the next owner who can complete the renovation program started by Lion.
The four apartment buildings are collectively 98 percent leased.