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LOS ANGELES-VR Capital LLC of Los Angeles has acquired the Miracle Mile Terrace Apartments at 5700 W. Olympic Blvd. from a private investor for $9.85 million. The new owners, who bought the property in a direct principal-to-principal deal, plan renovations that include new landscaping as well as upgrades to the units and the common areas of the rent-controlled complex, which was built in 1972.

All 71 units at the Miracle Mile Terrace are one-bedroom, one-bath apartments, each about 700 sf. The three-story, wood frame construction complex runs block-to-block from Hauser Boulevard to Masselin Avenue, just east of Fairfax Avenue in what VR Capital notes is “the highly desirable Miracle Mile submarket.”

VR Capital LLC is highly capitalized and is looking to acquire 1,000 units in the better areas of Los Angeles over the next three years. The seller of the Miracle Mile complex was a single-asset owner who had owned the property for 20-plus years.

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