CGI Strategies Acquires LA-Area Community for $20M
- Jan 16, 2019
CGI Strategies has acquired Parkwood Apartments, a 78-unit apartment community in the Los Feliz neighborhood of Los Angeles, for $20.1 million. The three-story building is comprised entirely of one-bedroom apartments that have not been significantly updated since the property was built in 1973.
CGI plans to immediately upgrade the building’s infrastructure and common areas, as well as renovate individual units as they become vacant. Improvements will include hardwood flooring, stone and tile finishes, plumbing fixtures, lighting and stainless steel appliances. The property was 94 percent occupied at the time of closing.
“The property benefits from its location at the cusp of Los Feliz and Silver Lake, unique neighborhoods that have emerged as two of Los Angeles’ most exciting hot spots,” said CGI Founder & CEO Gidi Cohen, in prepared remarks.
Located at 4646 Los Feliz Boulevard, Parkwood Apartments is situated near a variety of dining and shopping options, as well as The Greek Theatre and Griffith Observatory. The property also offers easy access to Interstate 5 and Highway 101.
The deal was leveraged with financing from Bank Leumi, arranged by Dekel Capital, and led by firm principal Shlomi Ronen. Executive Marcus & Millichap’s Tony Azzi represented both parties in the transaction.
In March 2018, CGI Strategies completed The KODO, the first fully furnished, short- and long-term luxury residential development in the Koreatown neighborhood.
Image courtesy of Yardi Matrix