By Ariela Moraru
Lion Real Estate Group sold Kingsley Tower, a 45-unit apartment building in the Koreatown submarket of Los Angeles for $8.7 million. Darin Beebower of Madison Partners represented the seller in the transaction, while the buyer, Prana Investments, was self-represented.
Located at 530 S. Kingsley Drive, the property features five bachelors, 30 studio units and 10 one-bedroom units with average rent ranging from $911 to $1,402 and a gated subterranean parking garage. Built in 1930, the asset underwent a recent renovation which included adding refinished hardwood flooring, exposed brick walls, new appliances, granite countertops, designer light fixtures, ceiling fans and pedestal sinks. Lion Real Estate Group acquired the property for $4.2 million in 2012.
The property is close to multiple bus lines and two metro stations, as well as some of the region’ s largest employer hubs and educational institutions. The Bard Apartments, a 30-unit property in the heart of LA’s Koreatown, also traded recently, when it was acquired by an affiliate of Champion Real Estate Co.
Image courtesy of Lion Real Estate Group