Vista Investment Group Acquires MultiFamily Property In Los Angeles For $8.6M

The Ashmont, a historic apartment building located at 908 S Hobart Blvd in Los Angeles, CA, was sold for $8.6 million. The property is a 89-year-old building comprising of 50 units, including studio and one-bedroom units. Additionally, it features a garden, a large laundry facility, and was 90% leased at the time of closing. The sale also involved a 9,029 SF fully entitled land parcel currently serving as a 33-car gated parking lot.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $8,600,000.00
• Market: Los Angeles
• Seller's Representative: Kitty Wallace (Colliers International)
• Buyer: Vista Investment Group

Vista Investment Group, the purchaser of The Ashmont, plans to renovate the property. The renovation includes upgrades to the exterior, common areas, landscaping, and unit interiors as tenant turnover allows. The improvements within the apartments will involve refinishing and polishing original hardwood floors, installing new shaker cabinets with quartz countertops and stainless steel appliances, as well as modern bathroom fixtures. Colliers International executive vice president Kitty Wallace represented the seller, a private long-term owner, whereas Vista Investment Group represented itself in the deal.