LA Community Sells for $16M
Transwestern brokered the sale on behalf of the seller, a private investor and also represented the buyer, Winstar Properties Inc., in the off-market transaction.
By Evelyn Jozsa
236 South Bonnie Brae Street, Los Angeles
Winstar Properties Inc. has acquired a 65-unit community in Los Angeles for $15.6 million. Transwestern represented both the seller, a private investor, and the buyer in the off-market transaction. The property is the second-largest apartment building in terms of number of units to trade this year in the neighborhood of Westlake/MacArthur Park.
Located at 236 S. Bonnie Brae St., the property is three miles away from downtown Los Angeles and offers easy access to interstates 5 and 10. Built in 1989, the three-story building comprises a mix of lofts, one- and two-bedroom apartments, averaging 782 square feet, featuring private balconies and patios. Community amenities include:
- Controlled access
- Laundry facilities
- 120 above ground and subterranean parking spaces
“With apartment pricing continuing to increase in Koreatown, Silver Lake/Echo Park and East Hollywood, the Westlake/MacArthur Park area continues to mature into a popular, less expensive alternative for investors,” said Josh Kaplan, senior vice president at Transwestern, in prepared remarks. “The proximity to Downtown Los Angeles and easy access to major freeways are also contributing factors to increased multifamily investor interest in this area.”
Image courtesy of Transwestern
