Transwestern Commercial Services (TCS) today announces it has brokered the sale of 131, 143 and 171 S. Burlington Ave., a three-property apartment portfolio comprised of 192 multifamily units in the emerging Westlake/MacArthur Park submarket of Los Angeles. Senior Vice Presidents Josh Kaplan and John Swartz of the TCS Los Angeles Multifamily Investment Services group represented the seller, a private investor, in the transaction valued at $48.25 million. The transaction is one of the top five largest that has been completed in the submarket since 2010.
“These properties are within minutes of downtown Los Angeles and will continue to benefit from a rapidly improving neighborhood in the years to come,” said Kaplan. “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 portfolio is between Beverly Boulevard and Third Street in the Westlake district of Los Angeles. Westlake is an up-and-coming district west of Downtown Los Angeles, south of Historic Filipinotown and east of Koreatown. With an estimated 45,000 residents in just 2.72 square miles, Westlake is the second-highest density district in Los Angeles after Koreatown, and it will continue to see strong tenant demand for rentals for the foreseeable future.
About Transwestern Commercial Services
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore.