Seminole Real Estate Fund, an investment firm with links to the Seminole Tribe of Florida, has acquired the Vinz on Fairfax for $68.4 million, a 144-unit apartment complex in the Miracle Mile, The Real Deal has learned.
The property, located at 950 South Fairfax Avenue, sold for $475,000 per unit, according to data from PropertyShark. It contains studio, one- and two-bedrooms units with monthly rents ranging from $2,855 to $5,117, an Apartments.com listing shows. Seminole is funding the purchase with a $36.5 million mortgage from Northwestern Mutual Life Insurance Company. The purchase closed on Feb. 11.
The seller, Arizona firm Alliance Residential, completed construction on the five-story property in 2018, according to a previous report from Urbanize LA. The firm spent $68.8 million on improvements, city records show.
The Seminole Tribe established the fund in 2020 with a focus on multifamily investments. Based in Fort Lauderdale, the fund owns 12 properties totaling 2,072 units, according to its website. Its assets are scattered across 10 metro areas in the United States, with the Fairfax property being its only asset in California. Its other properties are in Colorado, Florida, Georgia, Missouri, Nevada, North Carolina, Texas, Washington State and Washington DC.
The deal comes as Los Angeles’ multifamily investment sales market shows signs of growth. According to Colliers’ fourth-quarter market report, year-to-date sales volume in greater Los Angeles reached $4.7 billion, an 11 percent uptick from the same time last year. This increase defied drops or modest gains in other areas. The average price per unit was at $357,893, a 1 percent decline compared to the same period last year. Rental rates also only grew by 1 percent on a year-on-year basis.
Seminole and Alliance Residential did not immediately respond to a request for comment