A Los Angeles landlord has picked up two more apartment complexes, this time in Koreatown.
Xenon Investment Corp., run by Rohit Mehta, bought two buildings totaling 130 units for $41.2 million, according to multifamily brokerage Iconic Investments, which arranged the deal.
Local landlords the Tahan family sold the properties, according to Iconic’s Peter Strauss and Adam Zunder. Records show the home was previously owned by Handumy Tahan.
Built in 1991, the complexes at 310 and 315 South Virgil Avenue have not undergone extensive renovations. Xenon plans to renovate the properties and bring rents up to market.
Zunder said 18 viable offers were put in from family offices, private equity and institutional investors. Ultimately, Xenon placed a non-contingent offer.
“This year has brought a lot of investors off the sidelines and back into the market,” Zunder said, adding that multifamily operators are taking advantage of historically low interest rates and willing to assume the risk brought by California’s eviction moratorium.
This year, Xenon also purchased a 60-unit complex in West Hollywood for $21.3 million. Mehta could not be reached for comment.
Xenon’s new Koreatown purchases will have to compete with a number of new planned developments in the area. In April, developers Townline and Forme got city approval to build a 367-unit, 41-story apartment complex with office and retail space.