Platinum Acquisitions, an Orange County-based investment firm that specializes in mobile homes, shelled out $20.5 million, or $402 per square foot, for a 56-unit apartment complex just outside Koreatown.
The seller was Calabasas-based Upside Investments, which developed the property at 401 S. Lafayette Park Place more than 15 years ago.
Vince Norris of Berkadia had the listing for the building, which he said drew multiple offers.
The building, dubbed the Plaza at Lafayette Apartments, is comprised of one-and two-bedroom apartments and includes amenities such as a central courtyard, a gym and a parking garage with 107 spaces.
“With minor interior renovations, the new owners expect to see a strong return on investment,” Norris said in a statement.
Spokespersons for Platinum and Upside did not immediately respond to requests for comment.
Upside’s connection to Koreatown dates back to the early 2000s, when it bought the the former Getty Oil Co. headquarters on Wilshire Boulevard for more than $20 million, with plans to transform it into an upscale apartment building. It repositioned and later sold that property in 2005.