The Collective Apartments, a Westlake multifamily property at 131, 143 and 171 S. Burlington Ave., recently sold for $48.3 million, records show.
The 192-unit building was purchased by 29th Street Capital from an investment trust. Transwestern’s Josh Kaplan and John Swartz represented the seller in the transaction.
The property was built in 1989 and has only 2.1% vacancy, according to CoStar Group Inc.
“These properties are within minutes of downtown Los Angeles and will continue to benefit from a rapidly improving neighborhood in the years to come,” Kaplan said in a statement. “This sale shows that despite the concern over rent control legislation, there is still very high investment demand for multifamily properties in the Westlake/MacArthur Park area of Los Angeles.”
This marks the latest deal in the Westlake area where one of L.A.’s biggest multifamily sales took place earlier this year. The Sofia Los Angeles, a 606-unit property at 1120 W. 6th St recently sold for $272.5 million.
Carlyle Group purchased the Sofia from Holland Partner Group. The building’s retail space counts Grocery Outlet Inc. and Starbucks Corp. as tenants. The building also has 27 affordable units.
No other multifamily sales in the Westlake North submarket where The Collective Apartments are located topped $7 million so far this year, according to CoStar.
Commercial real estate reporter Hannah Madans can be reached at [email protected]. Follow her on Twitter @HannahMadans
