Colliers Brokers $43.4M Sale of Affordable Multifamily Property in Los Angeles

April 4, 2024 | by magnews24.com

LOS ANGELES — Colliers has arranged the sale of an affordable apartment community located at 349 S. La Fayette Place in the La Fayette Park neighborhood of Los Angeles. The asset traded for $43.4 million, or $362,000 per unit. Kitty Wallace and Kalli Knight of Colliers represented the buyer and seller in the transaction.

Situated on a 43,000-square-foot lot, the three-story property features 120 affordable apartments. The buyer paid cash to preserve the right to create and maintain affordable housing, and purchased the property with the intent of promoting and advancing workforce and affordable housing initiatives.

Built in 1971 and extensively remodeled in 2017, the property features 120 subterranean parking spots with third-party billing for electric vehicle charging stations. Currently, 85 percent of the units are fully renovated. The units feature stainless steel appliances, in-suite washers/dryers, hardwood floors with carpeting in the bedrooms and mini-split air conditioners and heaters.

Community amenities include a new roof, updated plumbing and boiler, a resurfaced and modernized pool, built-in barbecue area, redesigned fitness center, electric vehicle charging stations and elevator modernizations. All units also include 100-amp electrical panels and new plumbing to accommodate the installation of in-unit washers and dryers.

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