Jonathan Levy Of Seminole Real Estate Fund Purchases 144-Unit Multifamily Asset In Los Angeles For $68.4M

The asset involved in this transaction is a multifamily property located at 950 South Fairfax Avenue in Los Angeles. The sale price was $68,400,000, equating to $475,000 per unit for a total of 144 units. The property has recently been acquired by Seminole Real Estate Fund. Financing for this acquisition included a loan of $36.5 million from Northwestern Mutual.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $68,400,000
• Address: 950 South Fairfax Avenue
• Buyer: Jonathan Levy - Seminole Real Estate Fund
• Seller: V. Jay Hiemenz - Alliance Residential
• Lender: Northwestern Mutual
• Units: 144
• Price Per Unit: $475,000

This transaction marks the first California asset for buyer Jonathan Levy, indicating an expansion of the Seminole Real Estate Fund's portfolio. The multifamily market in Los Angeles witnessed an 11% sales volume increase in 2023, reaching a total of $4.7 billion.