UC Funds Acquires $33M Luxury Apartment Development In Los Angeles

UC Funds has acquired a 126-unit luxury apartment development in Los Angeles' Koreatown for $33 million. The property, located at 2870 West Olympic Boulevard, was under construction and had received a $30 million construction loan from UC Funds. The sale price equates to approximately $261,905 per unit.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $33,000,000
• Address: 2870 West Olympic Boulevard
• Market: Los Angeles
• Units: 126
• Price per Unit (PPU): $261,905

Dan Palmier, representing UC Funds, facilitated the acquisition of the property. The purchase was made after a reported default on the development. UC Funds, as the lender, foreclosed on the property and acquired it through the foreclosure process.