EL SEGUNDO, CA – July 7, 2021 – Berkadia announced today the sale of 720 South Normandie Avenue and 709 South Mariposa Avenue, two midrise-style multifamily properties totaling 101-units in Los Angeles, California. Senior Managing Director Brent Sprenkle of Berkadia El Segundo led the transaction on behalf of the buyer, Prana Investments, and the seller, Jamison.
The properties sold for $23.625 million to Prana Investments on June 16. The property was 95 percent occupied at the time of the sale. In addition, an approved development site for 44 units located at 715 S. Mariposa was included in the sale with an allocated cost of $3 million.
“The buyer was attracted to the property because it is located in a qualified opportunity zone, has very high-density zoning (R5 and height district 2) and the purchase included an approved development site for 44 units,” said Sprenkle. “This allowed the buyer to execute on a business plan involving the opportunity zone.”
Located steps from Wilshire Boulevard at the heart of Koreatown, the properties were built in 1924 and 1930 and feature 61-units and 40-units. The properties also afford convenient access to the 101 and 110 Freeways. The included development site has a proposed unit mix of studios and one bedroom floor plans and is a high-density development that also includes affordable units.