Harvard Heights multifamily trades for $12.6M
New owner is an entity tied to a Carson-based textile manufacturer
Prana Investments has offloaded a 76-unit apartment complex in Harvard Heights for $12.6 million.
The San Francisco-based firm sold 1057 S. Western Avenue to an LLC tied to Texollini, a Carson-based textile company. Texollini secured an $11.3 million acquisition loan for the purchase from Prime Finance Partners.
The high loan-to-value ratio suggests the new owners may have borrowed more money to finance a renovation of the 84-year-old building.
Texollini specializes in “high-tech” fabrics, like moisture-wicking and stretch materials used in activewear.
Prana Investments owns around two dozen other buildings in Los Angeles, as well as buildings in San Francisco, Alameda County, and New York City, according to the San Francisco Tenants Union.
The union claims Prana has evicted around 1,000 tenants from its buildings in Oakland alone and is highly critical of its strategy, implying it is overly aggressive with its evictions. Prana founder Peter Larsen could not be reached for comment.
Last fall, Prana picked up an eight-property portfolio in the Bronx from Morgan Group for $65 million. In March 2018, Prana paid $18.1 million for three properties in northeast L.A., according to Multi-Housing News.