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
Rendering of the project (NMDA for CIM Group)
CIM drops residential units at proposed West Hollywood hotel
CIM drops residential units at proposed West Hollywood hotel
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
arrow_forward_ios

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

Loading...