Michael Dixon, Senior Vice President of NAI Capital Commercial, along with associate Jakob Friedman from the Multifamily Services Group in the Encino office, successfully facilitated the purchase of a 40-unit apartment building in Los Angeles’ Koreatown neighborhood. The buyer was represented by Dixon and Friedman and paid $4,347,500 for the property.
The apartment building is located at 520 S. Hobart Blvd. in Koreatown which is known for its vibrant and diverse community according to NAI Capital. Dixon stated that due to its prime location and potential for increased rental income, there was significant interest in this property. He also mentioned that this was the first time it had been available on the market in over three decades.
Friedman added that this acquisition demonstrates a high demand for well-located multifamily properties within one of LA’s most dynamic rental markets. Additionally, since it fell below the new $5,1500 ULA tax threshold no ULA tax was applied making it an even more desirable investment opportunity.
This transaction marks an important milestone as these apartments have not been sold since they were originally built over thirty years ago.
