Apartment Deals Top $28M, Include REO

In the Chinatown REO sale, Michel Hibbert of Charles Dunn Co. reports that Los Angeles-based Super A Logistics Services LLC bought the 29-unit, bank-owned luxury apartment complex at 700-704 N. Hill and 709-711 N. Yale streets from Cerritos-based Gateway Business Bank. Hibbert, who represented both the buyer and the seller, says that the transaction "enabled the buyer to purchase an 80%-completed apartment building at a below-replacement cost from the bank." Hibbert, a senior managing director at Charles Dunn Co.'s West Los Angeles office, notes that the bank financed both the purchase and a construction loan to finish the building. The property is vacant and is slated for completion in spring 2010.