501 S. Mariposa, Koreatown

Sale Price: $4,775,000

Units: 24

"Mariposa Place Apartments, a 24-unit apartment building in the Koreatown submarket of Los Angeles, was purchased for $4,775,000 ($199k/unit) by a local real estate syndicator in a 1031 Exchange transaction.  It was sold by private real estate investment and development firm Lion Real Estate Group.

Lion had  owned the property since 2012.  Lion's Souther California real estate portfolio includes 700 multifamily units and 127k sf of commercial office space. 

The three-story garden-style apartment complex is located on a corner lot at 501 Mariposa Place, two blocks north of Wilshire BLVD and the Wilshire/Normandie Metro rail station.  The vintage 1960's building offers a mix of single, one- and two-bedroom units and features a large swimming pool, secured subterranean parking and security access.

Henry Garcia of Keller Williams Commercial Studio City represented the seller in the transaction.  MVI Properties represented the local investor on the buy side who's motivation was a 1031 upleg. According to Garcia, approximately 93 percent of Koreatown's 120,000 residents are renters and one third of the resident population is between 19 and 34.  It is one of the most densely populated communities in Los Angeles County.

"While we know them as Millennials, young working professionals can be better described as Generation Rent," said Garcia, who specializes in multifamily sales along the Mid-Wilshire corridor. "Koreatown has been a magnet for those who have been drawn to the area for its dense urban atmosphere, nightlife, central location and access to rapid transit.""

-Article by www.rentv.com