Benedict Canyon JV sells Downey apartment complex for $38M

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

Los Angeles /
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.


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...