Capital Realty Group Acquires Cathay Manor Apartments In Los Angeles For $97M

The Cathay Manor Apartments in Los Angeles have been sold for $97 million. The property, owned by controversial Chinatown landlord Don Toy, has faced protests and lawsuits over poor conditions, as well as concerns about rent hikes and safety violations. New York-based Capital Realty Group purchased the multifamily asset amid these controversies.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $97,000,000
• Address: 600 North Broadway, Los Angeles
• Market: Los Angeles
• Buyer: Capital Realty Group
• Seller: Don Toy
• Units: 270
• Price Per Unit: $359,259
• Square Footage: 226,000
• Price Per Square Foot: $429

Don Toy, the controversial Chinatown landlord, has sold the Cathay Manor Apartments in Los Angeles to Capital Realty Group. The sale has drawn attention due to the property's history of poor conditions, protests, and safety violations. Capital Realty Group's acquisition of the multifamily asset reflects their confidence in addressing these issues and improving the property's reputation.