MMK Capital Acquires Multifamily Property In Koreatown For $6.95M

A 47-unit multifamily property located at 147 S Normandie Ave in Koreatown was recently sold for $6,950,000. The property spans across 22,854 square feet, resulting in a price per square foot of $304.10. The transaction was brokered by Cole Martens and Cory Stehr from Leela North Ventura Brokers, who represented both the buyer and the seller. The buyer, MMK Capital, Inc., already owns similar buildings in the area and plans to upgrade the kitchens and renovate the common areas. The sale attracted multiple offers, highlighting the desirability of this prime Koreatown neighborhood.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,950,000
• Address: 147 S Normandie Ave, Koreatown
• Market: Koreatown
• Square Footage: 22,854
• Price per Square Foot: $304.10
• Units: 47
• Price per Unit: $147,872

Cole Martens and Cory Stehr from Leela North Ventura Brokers played a crucial role in representing both the buyer, MMK Capital, Inc., and the seller, Prana Investments, in this transaction. Their expertise and negotiation skills led to the successful completion of the deal. MMK Capital, Inc. has a strategic plan in place to enhance the property's value by improving the kitchens and common areas, aligning with their existing portfolio strategy in Koreatown.