Vitus Group Acquires Senior Affordable Housing Building in Koreatown for $22.5 Million
- Jul 14, 2014
An affordable housing community catering to seniors was recently sold by the Christ Unity Church in a deal worth approximately $22.5 million. The property in question is Christ Unity Manor in Koreatown, an asset that waited approximately 15 months to be traded; eight of those months the property spent in escrow. The sale was handled by real estate brokerage Colliers International. Although a large number of companies inquired about the property, the winning bid belonged to Vitus Group.
Christ Unity Manor is a 156-unit community located at 615 S. Manhattan Place that was developed back in 1973 and totals 116,664 square feet of space, according to real estate data provider PropertyShark.com. The property has since served as a senior affordable housing complex operated by the church. The non-profit seller only agreed to the deal once it found a buyer that would guarantee to maintain the property’s designation. The new owner has agreed to maintain the property as intended for at least 55 years. According to Colliers International, 43 prospective buyers bid for the chance of owning the 12-story affordable housing building.
With the area’s average rent rate currently at around $1,275 per month, the complex holds its rate near the $375 per month for the complex’ one-bedroom, one-bath units. Vitus will bring its experience with acquisitions and rehab of affordable housing assets, its commitment to renovating the structure and implementing other programs that would enhance the tenant experience. According to Colliers, the new owner is also committing around $5.45 million to add upgrades and renovations to Christ Unity Manor.
Image courtesy of Google Maps.