The Mogharebi Group (TMG), based in Orange County, CA, recently brokered the sale of Gramercy Townhouse – a 30-unit multifamily complex located in Los Angeles’ Koreatown neighborhood. A local family office purchased the asset from an LA-based private family for $7.15 million just days before Measure ULA went into effect on April 1st.
Keon Truth, TMG Vice President and seller representative for this transaction commented that “even with uncertainty in capital markets deals are still happening; we procured multiple offers from investors seeking protection offered by multifamily assets”. The Koreatown property at 430 S Gramercy Place consists of a three-story building with studio, one and two-bedroom units plus is within walking distance to Wilshire/Western Station of Metro D Line which is being extended to Westwood with stops planned at Beverly Hills and Century City locations as well.
