A 10-property apartment portfolio near USC and Koreatown hits the market
The total of 193 units are being marketed as a value-add opportunity
UPDATED, Sept. 17, 2019, 11:52 a.m.: The 10-property multifamily portfolio, which includes coveted housing near the University of Southern California and in Koreatown, has been held by the same owner for 25 years.
Now, a trustee is putting all 193 units on the market.
The “Nupac Portfolio,” as it has been named, is being listed for $44.5 million, marketing materials show. It includes 154 units around USC, and another 39 units on Hoover Street in Koreatown.
Irvin Karthak, a real estate investor who died in March, owned the 10 buildings since the early 1990s. His close friend and trustee, Khalid Sami, is now selling the spread.
Most of the buildings were built before 1950, and are being presented as a value-add opportunity for a buyer. Listing materials also advertise that rents at the properties are 40 percent below market rate.
Tony Azzi, Azzi Advisors founder who is working with the selling team, said proceeds from the sale will be donated to a charity but declined to identify which one. The listing agents are Ernie Carswell, Rick Tyberg and Sam Shakerchi of Douglas Elliman and Sean Rosenzweig of Marcus & Millichap.
Azzi said he expects the portfolio — the properties will not be broken up — will sell by November.
Student housing has become an increasingly attractive investment for real estate owners, with students often tending to pay premium rates for shared spaces. Earlier this year, developer Prime Place filed plans for a 129-unit complex at 1320 W. Jefferson Boulevard, just west of the USC campus. Ventus Group is also working on its $300 million mixed-use complex, dubbed the Fig, in the area. That’s slated to bring 200 units of student housing, among other apartments and retail.