California Landmark Group Sells 120-Unit Apartment Community in Los Angeles for $43.3MM
Los Angeles, Calif. April 3, 2024 – Colliers is pleased to announce the sale of a three-story, 120-unit apartment community in the historic Los Angeles neighborhood of La Fayette Park, consisting of a 90,983-square-foot building on a 43,000-square-foot lot. Located on a wide, tree-lined street at 349 S. La Fayette Place, the asset generated multiple competing offers, selling for $43,440,000—approximately $362,000 per unit and $477 per square foot.
Colliers Senior Executive Vice President Kitty Wallace and Associate Vice President Kalli Knight represented the Buyer and Seller in the transaction. The seller had below-market assumable agency debt; however, the Buyer paid cash to preserve the right to create and maintain affordable housing.