Benedict Canyon JV sells Downey apartment complex for $38M

The [email protected] sale comes out to around $360K per unit

May.May 15, 2018 12:30 PM
The [email protected] complex at 1940 Brookshire Avenue and Benedict Canyon President and CEO Ryan Somers

An LLC operating under the name [email protected] Downey purchased an apartment complex in Downey for $37.5 million from a joint venture of Benedict Canyon Equities and LEM Capital.

The 104-unit complex, which is called [email protected], is located at 9140 Brookshire Avenue, according to Real Capital Analytics.

Marianne Moy, who is listed as the buyer’s registered agent, secured a $25.1 million acquisition loan with Fannie Mae, records show.

The purchase pencils out to around $360,600-per-unit, a strong price for a large property outside of Los Angeles’ higher-priced submarkets. The complex includes 11 two-story buildings.

L.A. investment firm Benedict Canyon and LEM acquired the complex in 2014 for $23.4 million from Chicago’s Laramar Group. That sale came out to about $225,000 per unit. A year later, the property was being marketed as “newly renovated luxury apartment homes.”

The complex was built in 1965 and it shows, with distinct mid-century exterior stylings. It was renovated in 2006, seemingly by Western National before the firm sold it for $19.6 million in 2007, when it was called Downey Park Apartments. That sale amount was more than four times what it paid in 2000.

Moy is listed as an agent for 28 other California entities.

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