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LOS ANGELES-A locally based private investor has acquired a three-building, 52-unit apartment portfolio from another local investor for $2.9 million in a trade that underscores the growing activity in the Baldwin Village submarket, according to Marcus & Millichap.

Seth Polen of the Downtown Los Angeles office of Marcus & Millichap says the all-cash deal closed at an 8.5% cap rate. Polen and Mike Pesci, also in the Downtown L.A. office of M & M, represented the seller, with the buyer self-represented.

The three buildings are at 4046, 4052, and 4066 Coco Ave. Individually metered for gas and electricity, they were built in 1957 and 1958 and were. The properties are among a number in Baldwin Village sparking investor interest, according to Polen, who is marketing a 29-unit portfolio for the same seller. He says investors like the location of Baldwin Village, which is minutes from the new Marlton Plaza project, the Magic Johnson Theatres and the Baldwin Village Mall. He describes the area as a strong, rent-controlled community with little to no vacancy. Most of the rental market is well below average market rents for Los Angeles, Polen notes, with larger units than are found in most of Los Angeles.

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