A portfolio of four completed and nearly completed apartment buildings in Frogtown has hit the market for a total price of around $60 million, representing one of Central L.A.’s most notable recent multifamily listings.
The apartments are part of a portfolio on Allesandro Street, west of the Los Angeles River in the neighborhood known as Frogtown, that’s owned by different entities affiliated with the developer Mark Baatz. He has owned some of the riverside parcels for decades. His partnership group picked one site up in 1996 for $450,000, according to property records, and bought two more parcels in 2000 for $475,000.
The projects are offered in different listing configurations, including individually. One completed 32-unit building called The River Apartments, located at 2938 Allesandro Street, is listed for $18 million. A 36-unit completed project, the JB Center Apartments at 2910 Allesandro, is on offer for $20 million. The River Apartments are currently leasing one-bedroom units from $2,900 and up and two bedrooms from $3,700 and up, according to the property’s website.
Baatz also listed two additional three-story apartments on the same street that are still under construction. Those two projects, which total 44 units, are offered together for $23.4 million.
In addition to the four apartment projects, the portfolio contains another property at 2957 Allesandro for sale at $13.3 million. That development site is about a half acre.
The listings are held by CBRE.
Over the past several years Frogtown, a neighborhood with industrial roots, has emerged as a burgeoning artistic and creative hub, a trend that’s also led to more interest from multifamily developers. Last year a project called Blake Lofts went up with a total of 52 units.
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