Berkadia Arranges Sale of Two L.A. Multifamily Assets
- Oct 13, 2015
The L.A. multifamily properties known as Catalina Apartments and Hobart Apartments were recently sold for a combined $12.1 million. The transaction was arranged by Berkadia Managing Director Brent Sprenkle who worked on behalf of both parties, a Brentwood-based buyer and the seller, a San Francisco-based investment fund.
Catalina Apartments is located at 862 S. Catalina St. and totals 40 residences. The 87 year-old property’s unit mix consists of studio and one-bedroom units.
Hobart Apartments is located at 817 S. Hobart Blvd., and offers a similar range of floorplans. Built in 1926, the multifamily asset offers 47 apartments.
The two properties are located in the bustling Koreatown submarket, and offer proximity to State Route 110, the I-10, and the I-101. Employment centers in the area include the University of Southern California and Paramount Pictures. According to Sprenkle, the area has been undergoing a process of property appreciation and gentrification over the past few years. Vacancy in the West Los Angeles market is trending downward with average levels now at around four percent.
As the latest Matrix Monthly report shows, Los Angeles metro rent growth outpaced Yardi Matrix’s forecast, having recorded 6.4 percent appreciation through September. The real estate data provider projected growth of 5.8 percent for the end of the year.