California Landmark Group Buys Mid-Century Apartments, Plans Upgrades
- Apr 01, 2016
Los Angeles—California Landmark Group (CLG) has acquired two mid-century apartment buildings in Northeast Los Angeles for a total of $7.5 million. The investor says it plans to reposition the properties to cater to the housing needs of young professionals moving into the area.
The buildings, which mark the firm’s entry into the Northeast Los Angeles submarket, are three miles from each one in the Arroyo Seco neighborhoods of Highland Park and Eagle Rock. They were acquired from a private investor who had owned the properties for several decades.
One is Highland Cove, a 28-unit apartment property at 200 S. Ave. 59 in Highland Park. Built in 1963, the two-story community features a mix of one- and two-bedroom units with on-site laundry facilities and a swimming pool.
The Eagle Rock property at 4319 Toland Way is a 17-unit apartment building featuring two- and three-bedroom units, each with washer/dryer hookups. Both properties benefit from locations within walking distance of three noted Los Angeles pedestrian thoroughfares—Figueroa Street, Eagle Rock Boulevard and York Boulevard.
CLG’s capital improvement program will mean a complete renovation of each unit. Upgrades will include new appliance packages, stone countertops, cabinetry, flooring, lighting and fixtures. The repositioning also calls for redesign of the buildings’ exteriors to enhance the mid-century character of each property.
Barry Gordon and Justin Forman, multi-housing specialists in the downtown Los Angeles office of Marcus and Millichap, represented both the buyer and seller in the transaction.