Housing Authority Of Los Angeles Acquires Multifamily Property For $43.4M

The property involved in the transaction is a 120-unit apartment located at 349 South La Fayette Place in Los Angeles. The asset was purchased by the Housing Authority of the City of Los Angeles (HACLA) from the seller, California Landmark Group, for a total of $43,440,000. The multifamily property spans 90,983 square feet and was acquired at a price per unit of $362,000 and a price per square foot of $477.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $43,440,000
• Buyer: Douglas Guthrie - Housing Authority of the City of Los Angeles (HACLA)
• Seller: Ari Kahan - California Landmark Group
• Brokers: Kalli Knight & Kitty Wallace - Colliers International
• Lender: City National Bank
• Units: 120
• Square Footage: 90,983
• Price Per Unit: $362,000
• Price Per Square Foot: $477

The deal involved the Housing Authority of the City of Los Angeles (HACLA) as the buyer, representing their plans to reserve 90 units within the apartment complex for families earning at or below 80 percent of the area median income. Financing for the transaction was provided by City National Bank. Additionally, the purchase was exempt from the Measure ULA transfer tax due to the buyer being a public agency. The transaction was facilitated by brokers Kalli Knight and Kitty Wallace from Colliers International.