Michael Kim Acquires 6-Building Multifamily Portfolio In Los Angeles For $40.75M
SOLD
$40,750,000
California
See Similar DealsMultiFamily780,000 SF
Sold 03/18/2024
SOLD
Michael Kim Acquires 6-Building Multifamily Portfolio In Los Angeles For $40.75M
4310 Russell Avenue, 2795 8th Street , 1100 South Beverly Drive, 2816 San Marino Stree & 668 S. Rampart Blvd
See Similar DealsMultiFamily780,000 SF
Sold 03/18/2024
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$52
Total Square Footage:780,000 SF
Transaction Type:Sale
Located in Los Angeles, the property asset involved in this transaction is a portfolio of 6 buildings. The multifamily asset consists of 5 properties with a total of 213 units and an additional office building. The portfolio is situated at 4310 Russell Avenue, 2795 8th Street, 1100 S. Beverly Drive, 2816 San Marino Street, and 668 S. Rampart Blvd, with a total square footage of 156,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $40,750,000
- Units: 213
- Price Per Unit: $191,315
- Price Per Square Foot: $261
- Market: Los Angeles
Sean Nami and Neema Ahadian from Marcus & Millichap, known as TheNeemaGroup, were the seller's representatives in this transaction. They exclusively listed and closed the deal for the portfolio comprising multiple multifamily properties and one office building. The buyer, Michael Kim, purchased the portfolio with a total of 6 different buyers involved in the acquisition.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,173,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$144,776.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$193,175.79
Annual Debt Service$2,318,109.48
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