COSTA MESA, CALIF. (May 24, 2022) — The Mogharebi Group (“TMG”) has arranged the $7.375 million sale of Villas Normandie, a 21-unit multifamily community located in Los Angeles, CA. Keon Truth and Nazli Santana of TMG represented the seller, a Southern California-based family office.
Built in 1988, Villas Normandie is a three-story, 21-unit apartment community located in the heart of Wilshire Center. The apartment homes feature studio, one-bedroom, and spacious two-bedroom floor plans with an average size of 719 square feet. The property boasts a beautiful courtyard, covered parking, laundry rooms on each floor, and is fully secured with controlled access for residents.
“Villas Normandie is in a highly desirable neighborhood with great exposure and rent demand offering the right buyer an opportunity to unlock the value potential in this asset,” said TMG Senior Investment Advisor Nazli Santana. “Despite vacancies, this property presented the buyer an opportunity to acquire a high-quality value-add asset thereby selling $100,000 per unit above average sales over the last 6 months. We know the active 1031 exchange buyers, so we were able to identify and connect them with this property. Our success in the market is our ability to understand and convey maximum value to our clients.”
TMG’s Keon Truth notes that “The buyer did very well to acquire the high-quality foothold that this property represents. The strong rental growth and relative value of the product attracted significant investor interest resulting in multiple offers. Achieving seller expectations in a turbulent market while satisfying out of the area 1031 capital is proof of capturing under-the-radar activity, solidifying our ability to lead the market and match the right buyer to the right deal, ultimately bringing this transaction to the finish line.”
Villas Normandie is in the heart of Wilshire Center just north of Koreatown and three miles west of Downtown L.A. The median home value in this community is $940,000, and the projected household growth is hovering around 11.6%, indicative of the increasing investor appetite for multifamily assets in the area.
Koreatown and Mid-Wilshire are recognized for attracting an influx of young professionals. The percentage of residents ages 19 to 34 is amongst the nation’s highest. Several new mixed-use developments have broken ground that will fuel demand over the next ten years and help shape a modern destination for residents and visitors. Koreatown has maintained low vacancy with high rent growth and is expected to experience a 6-9% increase in population by 2024.