Lee & Associates Completes Several SoCal Multifamily Transactions
Investor trades Koreatown assets and strengthens O.C. and Inland Empire presence.
By Alex Girda, Associate Editor
Lee & Associates L.A. North/Ventura agents Cole Martens and Cory Stehr recently arranged the trade of a total of 537 units, valued at a combined $64.2 million.
A private investor looking to exit the Koreatown submarket sold the three multifamily assets, located at 1057 Western Ave., 147 Normandie Ave. and 2795 W 8th St. Lee & Associates worked to help the entity secure a buyer for the three assets, which contain a total of 159 units, as well as the consolidation of its portfolio that mainly consists of Orange County assets.
The two agents secured buyer Prana Investments, which paid $16.5 million for the three Koreatown buildings. Owned by the seller since the 1970s, Prana will upgrade the three assets in order to bring them up to the portfolio’s standard.
Following the unloading of the three properties, Martens and Stehr also aided the unnamed investor in the acquisition of Summerwind Apartments in Highland, as well as Amberwood in Chino. Both properties were acquired from a Littleton, Colo.-based investor. Summerwind Apartments consists of 180 units in 19 buildings and is located at 2055 Central Ave. in Highland, Orange County, while Amberwood offers a total of 198 units in 10 buildings at 12957 Ramona Ave. in Chino, San Bernardino County.