Prana Investments Acquires Koreatown Multifamily For $6.25M

Brent Sprenkle of Brent Sprenkle Realty recently facilitated the sale of a multifamily property located at 756 S. Normandie Ave in Koreatown. The transaction took place on December 6, 2019.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,250,000
• Square Footage: 16,776 SF
• Price per Square Foot: $372.56
• Number of Units: 30
• Price per Unit: $208,333

The buyer, Prana Investments, acquired the property from Champion Normandie. Brent Sprenkle of Brent Sprenkle Realty represented the parties involved in the deal. This transaction set a record-breaking price for a property constructed in the 1920s. Selling for over $200,000 per unit and with a gross rent multiplier (GRM) of over 13, this property offers exceptional value. Located south of Wilshire Blvd, the majority of the units in the building are studios. Most of the units have been renovated and are in excellent condition, making this property a desirable investment opportunity.