LOS ANGELES-Don Sterling has acquired the 66-unit Smeralda apartment complex in Koreatown from original developer Astani Enterprises for $11.5 million, according to Marcus & Millichap brokers who negotiated the deal. Ron Harris of the Los Angeles office of Marcus & Millichap, who brokered the sale along with Joseph Smolen of the same office, tells GlobeSt.com that the complex attracted 17 offers and “would have sold for significantly more except for the fact that the buyer had to assume existing financing which was unfavorable.”
Built in 2002, the Smeralda is at 457 S. Manhattan Place, north of Wilshire Blvd and west of Western Avenue. At the close of escrow, rents were at $1.67 per foot, creating a value-add opportunity, Harris points out. He also notes that the complex provides an unusually high ratio of parking for an infill property, 1.58 parking spaces per unit.
The property is a mix of studios, one-bedroom, and two-bedroom units that feature nine-foot ceilings, central air and heat, custom laminate flooring, synthetic cabinetry and new appliances in the kitchens. The majority of units also have fireplaces, patios/balconies, and walk-in closets. Amenities include a swimming pool, a spa, a fitness center and a rooftop deck with views of Hollywood and Downtown.
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