LOS ANGELES—Adding to its growing portfolio of urban-infill residential properties, Southern California-based California Landmark Group (CLG) has acquired a 39-unit apartment complex in Los Angeles' burgeoning Koreatown neighborhood for $4.2 million. The transaction—from purchase contract to close of escrow—was completed in 13 days.

“Given the property's location, unit count, and size we made a non-contingent offer to purchase the property prior to inspection, and committed to close the sale all cash in five days. The seller needed an additional week to resolve certain title matters,” said CLG president and CEO Ken Kahan.

The CLG team moved quickly to acquire the four-story, 1962 building after learning about the transaction from BLVD Capital, a partner in the property. The apartment complex at 216 S. Occidental Blvd., contains a collection of studios, one and two-bedroom units totaling over 39,000 square feet. CLG plans to embark on a complete renovation of property's common areas as well as unit interiors, including major renovations of the kitchens and baths. The apartment complex is currently 90% leased.

“We see significant opportunity in this submarket and are confident that this property will continue to draw on the substantial demand for well-located rental housing in Los Angeles,” added Kahan.

California Landmark, formed in 1988, acquires, rehabilitates and develops real estate throughout Southern California. The firm, based in Westwood, has distinguished itself as an innovative problem solver in the design of residential and commercial communities.