Updated May 12, 2025
CPP Acquires Witmer Manor Multifamily Complex In Los Angeles For $48.4 Million
1501 Miramar Street
$48,400,000
Units
238
Asset Type
MultiFamily
Closing
Apr 24, 2025
About this deal
AI
The property asset involved in this transaction is a multifamily complex located at 1501 Miramar Street in Los Angeles. The sale price for the asset was $48,400,000, encompassing a total of 238 units, which equates to a price per unit of $203,361.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $48,400,000
- Units: 238
- Price Per Unit: $203,361
- Buyer: Seth Gellis, Belinda Lee & Jack Aronson - CPP (Community Preservation Partners)
The deal reflects CPP's strategy to invest in affordable housing, as the complex is intended for families earning 30–60% of AMI. A total investment of $64 million is planned for renovations to all units, which will be executed over the course of 2026 with support from WNC & Associates and JP Morgan Chase.
Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93