Investors Take Koreatown, Mid-Wilshire Apartment Complexes
- Jun 09, 2012
Even if blockbuster investment sales are relatively rare in Los Angeles these days, a steady stream of small- and mid-size multi-family trades are picking up some of the slack. A pair of properties that recently changed hands in the Wilshire District and Koreatown offer two of the latest examples.
Ardmore Court (pictured), an apartment complex located several blocks north of Wilshire Blvd. at 510 South Ardmore Ave., traded for $16.5 million, or $177,500 per unit. Built in 1980, the property underwent an extensive renovation that was completed in 2009. Units feature air conditioning, individual gas and electric meters, and kitchens equipped with new stainless steel sinks and dishwashers. Some units also include balconies. Nineteen of the apartments are studios; one- and two-bedroom apartments make up the rest of the complex. The complex also provides laundry facilities on each floor and 109 underground parking spaces.
In Koreatown, the historic Kipling Hotel, which began life as a hospitality property in 1924, has likewise come under new ownership, rentv.com reported. Evergreen Investment Group L.L.C. sold the property to Omninet Kipling L.P., a local investment partnership, for $9.1 million. That translates to about $67,400 for each of the complex’s 135 units, which include 134 studio apartments and a single one-bedroom unit. A restaurant is located at street level. The transaction was arranged by Brent Sprenkle, an associate partner in the West Los Angeles office of Hendricks & Partners Inc.
Photo courtesy of www.yelp.com