In the $2.5-million deal, a private investor has purchased a one-building, 49-unit complex at 610 S. Coronado St., according to Brent Sprenkle of Sperry Van Ness, who represented both the buyer and the private investor who sold the building. The property was in good condition, and the buyer will benefit from rents that are lower than those in comparable buildings nearby, Sprenkle says. Built in 1927, the complex contains 45 studios and four one-bedroom, one-bath units with rents ranging from $365 to $700. The property, which recently underwent $672,000 in renovations, was 97% occupied at the time of the sale. Because of City of Los Angeles rent control, the previous owner could not raise rents to market after the improvements were completed, creating "enormous rental upside," Sprenkle notes.

In the $1.5-million transaction, a private investor bought a one-building, 24-unit complex at 1042 Sanborn Ave. in the Silverlake neighborhood of Los Angeles. Sprenkle and David Mashian of Sperry Van Ness represented the seller, with the buyer represented by Matt Friedman of Marcus & Millichap.

Built in 1913, the complex includes 11 studios and 13 one-bedroom, one-bath units renting for $356 to $600. At the time of the sale, the property was fully occupied.