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LOS ANGELES-Equity Condominium, a subsidiary of Chicago-based Equity Residential Properties Trust, has acquired the 104-unit Alexandria Apartments for $23.35 million from a private partnership managed by Beverly Hills-based Astani Enterprises. The property, which is located at 345 S. Alexandria Ave. in Koreatown, was sold as a condominium conversion opportunity and was delivered with a tentative tract map for condominiums in place, Shane Astani tells GlobeSt.com.

Astani Enterprises, which had owned the Alexandria since the early 1990s, completed the steps required to place the condominium tract map on the property so that the new owner could convert the units into condominiums. Astani tells GlobeSt.com that the conversion to condo units will probably cost about $35,000 to $50,000 per unit and that the new owner plans to continue operating the Alexandria as an apartment complex until the conversion is completed.

Built in 1989, the Alexandria features a unit mix of 32 one-bedroom, one-bath units and 72 two-bedroom, two-bath units. Amenities at the property include a swimming pool, two laundry rooms, two levels of secured subterranean parking, a sauna and a fitness center.

The property sold in a transaction that was brokered by Ron Harris of Marcus & Millichap, who represented both the seller and the buyer. Astani notes that this is the largest apartment-to-condominium conversion transaction this year in this part of Los Angeles.

The location of the property is in the heart of Koreatown, where the demand for housing is extremely high, was a strong influencing factor for the buyer, Astani notes. The property is Equity Condominium’s third condominium-related acquisition in the Los Angeles market.

The Alexandria complex was 60% occupied at the time of the sale. Astani explains that the seller allowed the units to remain vacant as tenants left in order to prepare the property for the conversion to condominiums.

Astani Enterprises is a major developer of housing in Los Angeles, with three projects totaling 1,700 units either completed or under way in the Downtown Los Angeles market.

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