Berkshire buys 266 units in South Park for $128.5M

UPDATED, Friday, May 26, 2017, 12:45 p.m.: The Berkshire Group just snagged another asset in Los Angeles: the 266-unit Met Lofts in South Park, the company announced Wednesday. The sale price was $128.5 million, or $483,080 a unit.

Berkshire made the purchase on the heels of its June acquisition of One Sante Fe for about $200 million. Berkshire SVP Eric Schrumpf cited the company’s “strong belief in the continued emergence of Downtown Los Angeles as one of the most vibrant urban cores in the U.S.” as the reason behind the acquisition in a statement. 

The seller was the California Public Employees’ Retirement System, or CalPERS,  a state-run pension fund.

Berkshire did not disclose the price of the deal, and CalPERS declined to comment.

The multifamily property at 1050 S. Flower Street last traded hands for $73.6 million, according to Real Capital Analytics. Built in 2005, the eight-story structure also includes 8,500 square feet of ground floor retail space.

The complex contains an open courtyard, lap pool, gym, yoga deck, and an outdoor entertainment area. — Cathaleen Chen