Trion Properties Takes a Trip to Avalon
- Jan 20, 2016
Los Angeles – Koreatown continues to be one of the most coveted L.A. submarkets as companies intensify their search for real estate opportunities. Trion Properties acquired The Avalon, a small non-rent controlled residential community from seller Vista Investment Group for $7.54 million.
Full-service real estate firm Charles Dunn Company recently arranged the transaction on behalf of both parties. The team consisted of Senior Managing Director Janet Neman, and Senior Director Bryan Glenn. Trading at $329 per square foot, the property eventually sold at a price that was $45,000 more than the original asking price.
Located at 324 S. Catalina St., The Avalon is a four-story, 47-unit apartment building in the blossoming Koreatown neighborhood. The asset’s unit mix consists of 20 studios, 26 one-bedroom apartments, and a single two-bedroom apartment. Select units feature quartz countertops, new cabinets, restored hardwood floors, and stainless steel appliances, following a recent renovation.
According to Glenn, the new owner is set to renovate the property in an attempt to boost revenue from rents. “Koreatown is one of the most exciting and attractive submarkets in Los Angeles. In recent year, its central location, abundant amenities, access to transit and proximity to DTLA and Hollywood have changed the demographics, creating tremendous demand and significant rent growth,” he said.