October 8, 2019
Transwestern Commercial Services (TCS) brokered the $48.25-million sale of a three-property apartment portfolio comprised of 192 units in the emerging Westlake/MacArthur Park submarket of Los Angeles. The buyer was Chicago-based 29th Street Capital.
The portfolio, at 131, 143 and 171 S. Burlington Ave., is between Beverly Boulevard and Third Street. Brokers involved in the deal say the transaction is one of the five largest completed in the submarket since 2010.
TCS’ Josh Kaplan and John Swartz represented the seller, an unnamed private investor.
Kaplan says, “These properties are within minutes of downtown Los Angeles, and will continue to benefit from a rapidly improving neighborhood in the years to come. This sale shows that despite the concern over rent control legislation, there is still very high investment demand for multifamily properties in the Westlake/MacArthur Park area of Los Angeles.”
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