LOS ANGELES – March 19, 2018 – Berkadia today announced the $18.1 million sale of Artiste Portfolio, three multifamily properties located in Los Angeles, California. Senior Managing Director Brent Sprenkle of Berkadia’s Los Angeles office led the portfolio sale on behalf of the seller, New York-based Urban Smart Growth. The buyer was Los Angeles-based Prana Investments, and the deals closed on March 7.
“The properties were a unique portfolio of three value-added apartment buildings that were held by the same owner for over 25 years,” said Sprenkle. “The properties were heavily renovated approximately 15 years ago, but the renovations are dated, and the buildings are ready for cosmetic upgrades that will allow the new owner to achieve not only higher lease rates but also improved operations and occupancy.”
Properties sold include:
- 5406 Lexington Ave. sold for $7.6 million at a per-unit price of $180,952, representing $303 per square-foot, a 4.55 percent cap rate and 12.81 GRM.
- 109 S Normandie Ave. sold for $5.75 million at $249 per-square-foot, $159,772 per-unit, a 4.55 percent cap rate and 12.07 GRM.
- 245 N Kenmore Ave. closed at $4.75 million with a 4.76 percent cap rate and 12.11 GRM. The buyer received a per-unit price of $158,333 at $308 per square-foot.
Totaling 108-units, all three properties in the portfolio are conveniently located in northeast Los Angeles. Each offer convenient access to Route 101, Route 10 and Route 110.