Los Angeles—Prana Investments, which specializes in acquiring underperforming multifamily properties, has just scooped up two more multifamily buildings in the Pico Union District of LA for about $2.5 million. Henry Garcia of Keller Williams Commercial represented the buyer in the off-market transaction. Garcia approached the owner of the properties about selling them after learning of the bankruptcy proceedings.
“…this was an opportunity for Prana to invest in two well-located assets. With proper management and cost-effective improvements, these two properties will prove to be a great investment for Prana,” Garcia said.
Located at the corner of Albany Street and W. 10th Place, the adjacent properties are in a prime location, about one mile from the Staples Center and LA Live. The two buildings have a total of 27 units, which are primarily in single and one-bedroom floor plans. Prana will give the properties major facelifts, with plans for new roofs, interior and exterior paint jobs and interior unit improvements.
According to Garcia, Pico Union is one of the strongest rental markets in LA. With its location between Koreatown and Downtown Los Angeles, about 90 percent of the district’s 45,000 residents are renters.
Prana is familiar with this type of purchase as it specializes in purchasing multifamily asset in inner-city neighborhoods, largely in Los Angeles, San Francisco and New York City. The company’s LA portfolio includes more than 1,500 units.
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