(Read more on the multifamily market.)

LOS ANGELES-An investment group based in New York City hasacquired a 353-unit apartment portfolio in Koreatown and the SanFernando Valley for $50.1 million in an off-market transaction, thelatest example of how the Koreatown section of L.A.'s Mid-Wilshirearea has become increasingly popular with multifamily investors inrecent years. Darin Beebower of locally based Madison Partners, whobrokered the transaction, says that the deal also illustrates how"restrained credit and tight underwriting standards in the housingmarket have already begun to stimulate increased activity in theapartment market."

The portfolio, which includes one property in the San FernandoValley in addition to the Koreatown assets, was 95% occupied at thetime of the sale. Beebower represented both buyer TPF VII LLC andthe seller, a private individual, with Ron Harris of Marcus &Millichap as co-broker on the Koreatown properties.