Koreatown Apartment Complex Sale: A Los Angeles Real Estate Success Story
Solution driven sale in Koreatown
In the bustling heart of Los Angeles, CA, in the vibrant Koreatown neighborhood of Wilshire Center, a sale was completed by real estate apartment broker, Kevin Kawaoka of Bluechip Investment Group @ NAI Capital.
This case study delves into the sale of a 32-unit apartment complex, revealing the challenges encountered and the strategic solutions implemented to ensure a successful transaction.
PROPERTY OVERVIEW
Key Details
Location: 455 S Catalina Street, Los Angeles, CA 90020. Koreatown, Wilshire Center, Los Angeles, CA 90020. 5 Blocks to the Wilshire/Vermont Metro Station. 1.5 Blocks to Chapman Plaza.
Sale Price: $6,350,000
Price Per Unit: $198,438
Price Per Square Foot: $311
Building Details: 2-story, 32-unit apartment complex
Building Square Footage: 20,394 sq feet
Lot Size: 19,465 sq feet
Zoning: LAR3 | Located within an opportunity zone
PARTIES INVOLVED
Seller: Kingsbury Villas, LLC
Buyer: SP Partners, LLC
Apartment Broker: Kevin Kawaoka, Bluechip Investment Group @ NAI Capital Commercial
CHALLENGES AND SOLUTIONS
OVERCOMING HIGH WATER BILLS
The discovery of an unexpectedly high water bill posed the first significant challenge. Through diligent investigation, two faulty toilet flappers were identified as the culprits. The engagement of a leak detection company not only solved the issue but underscored our commitment to detail and cost-effective problem-solving.
NAVIGATING PROPERTY INSURANCE HURDLES
With property insurance becoming a significant obstacle, our foresight and market knowledge were crucial. By securing competitive quotes early, we were able to have our client secure an affordable insurance option, demonstrating the importance of preparedness in today’s challenging real estate landscape.
AVOIDING ULA TAX
Facing a potential ULA tax payment of 4% of the sale price, our real estate acumen came to the fore. We successfully navigated the complexities of the financial aspects, saving the seller $254,000 and ensuring the deal's completion.
SUMMARY
This transaction in Koreatown not only highlights our expertise and dedication to overcoming real estate challenges but also reinforces our commitment to our clients' success. With strategic thinking and a proactive approach, we continue to conquer Los Angeles’s apartment market, one property at a time.
Discover more about our team and successes at Bluechip Investment Group Team and NAI Capital.
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