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
HBC's Richard Baker with  9600 Wilshire Blvd (SFA, Cornell)
Historic Saks Fifth Avenue complex in Beverly Hills eyed for redevelopment
Historic Saks Fifth Avenue complex in Beverly Hills eyed for redevelopment
Clear Capital LLC founding partners (L-R) Daniel Hardy, Eric Sussman, Paul Pellizzon and Greg Worchell with Foothill Ridge apartments, 1334 W. Foothill Blvd., Upland (Clear Capital LLC, Foothill Ridge Apts.)
Clear Capital buys 232-unit apartment complex in Inland Empire
Clear Capital buys 232-unit apartment complex in Inland Empire
Citrus Commons project at 14130 Riverside Drive (Johnson Fain)
Apartments to rise around former Sunkist HQ in Sherman Oaks
Apartments to rise around former Sunkist HQ in Sherman Oaks
From left: Tom Brady, Dillon Rosenblatt, and  Richard Rosenblatt with 3130 Wilshire Boulevard (Kilroy Realty, Getty, LinkedIn)
Tom Brady’s NFT company signs lease in Santa Monica
Tom Brady’s NFT company signs lease in Santa Monica
Vectra CEO Raju Shah and 640 North Sepulveda Boulevard (Vectra, LoopNet)
Mostly vacant Bel-Air office building sells for $32.5M
Mostly vacant Bel-Air office building sells for $32.5M
Rexford Industrial Realty's Michael Frankel, Howard Schwimmer and 29125 Avenue Paine (Loopnet, iStock, Rexford Industrial Realty)
Rexford bypasses rate hike on $218M spree of deals
Rexford bypasses rate hike on $218M spree of deals
Rendering of 2641 West Olympic Boulevard (CORbel Architects)
K-town developer envisions new hotel on Olympic
K-town developer envisions new hotel on Olympic
Rockwood Capital's Tyson Skillings and 64 Colorado Boulevard (Rockwood Capital, LoopNet)
Price of retail deal on Pasadena’s Colorado Boulevard nears pre-pandemic mark
Price of retail deal on Pasadena’s Colorado Boulevard nears pre-pandemic mark
arrow_forward_ios

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

Loading...