Lafayette Park Apartments Purchased by California Landmark Group
- May 09, 2016
Los Angeles—As Koreatown continues to be one of the city’s investment and development hotspots, yet another company is establishing a presence in the market. California Landmark Group paid $23.75 million for the Lafayette Park Apartments in an off-market transaction. The deal was arranged by Marcus and Millichap Senior Vice President Investments Stewart Weston.
Mesa West Capital provided financing for the acquisition through a $17.5 million first mortgage loan. The financing was originated by Vice President Brandon Bachner.
Located at 349 S. Lafayette Park Place, just a block away from 6th Street in Koreatown, the apartment community offers 120 units. The property was built in 1971 and occupies a 1-acre lot in an area that features a lively entertainment scene and an increasingly young demographic. In fact, roughly a third of the 120,000 residents in Koreatown are between the ages of 19 and 34.
According to the company, Lafayette Park Apartments will undergo a $4 million capital improvements program. An extensive renovation of the exterior, pool area and clubhouse are an integral part of the plan. New appliance packages, stone countertops, cabinetry, flooring, lighting, and fixtures will be added to the property’s units. At the time of publication, Yardi Matrix placed average rents at the facility at $1,421.
Image courtesy of Yardi Matrix.