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LOS ANGELES-Locally based Starpoint Properties has sold the302-unit Emerald Terrace apartment complex for $52.75 million afterholding it for two years and upgrading it, according to Sperry VanNess. The two-building property is at 136 and 160 S. Virgil Ave. inKoreatown and traded in a deal that was brokered by Kitty Wallaceof Sperry Van Ness in Los Angeles, who represented the seller. Thebuyer was not disclosed, but the complex is now listed on theFairfield Residential website as one of Fairfield's properties.

Wallace tells GlobeSt.com that Sperry Van Ness received "tons ofoffers" on the property, which closed within a 30-day due diligenceperiod and a 45-day escrow, a quick close considering that the dealincluded a loan assumption. The property attracted a wide range ofbidders from "the whole gamut" of investor types, Wallace says,with REITs, private and public institutions and some high-net-worthindividuals interested in the Koreatown complex. She notes that theapartment market occupancy rate in Koreatown is 98.2%, one of thestrongest in the Southland and "a very strong rental location whichhas benefited from approximately $8 billion of new development inthe surrounding area."