The transaction involves two affordable housing properties located in Los Angeles, specifically at 2633 South Normandie Avenue and 3940 Gibraltar Avenue. The total sale price for these multifamily assets is $18,750,000, comprising 45 units with a price per unit of $416,667. The properties include Normandie Villas, which consists of 25 units purchased for $11.5 million, and MCA III Apartments containing 20 units acquired for $7.25 million.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $18,750,000
• Buyer: Seth Gellis, John Fraser & Evan Cramer - CPP (Community Preservation Partners)
• Units: 45
• Price Per Unit: $416,667
• Normandie Villas: 25 units for $11.5 million, Price Per Unit: $460,000
• MCA III Apartments: 20 units for $7.25 million, Price Per Unit: $362,500
• Renovations: $33.7 million, including energy-efficient upgrades and ADA compliance
• Section-8 contracts extended through 2044 and 2045
• Renovation completion date: June 2025

The transaction was facilitated by the buyer group CPP (Community Preservation Partners), involving key figures Seth Gellis, John Fraser, and Evan Cramer. The properties acquired are part of a strategic initiative aimed at enhancing affordable housing options in Los Angeles, with plans for significant renovations to improve livability and compliance with modern standards.