Transwestern Real Estate Services (TRS) announces it has brokered the sale of 453 S. Gramercy Place, a newly renovated, 14-unit multifamily building in the Koreatown submarket of Los Angeles. Managing Directors Josh Kaplan and John Swartz of the Multifamily Investment Services group represented the seller, a private investor, in the transaction valued at $4.05 million.
“We were able to conduct the entire transaction while under the Safer-At-Home order, which shows that despite the challenges we are all facing right now with COVID-19, apartment investors still see premium value in well-managed, well-located buildings,” said Kaplan.
453 S. Gramercy Place was last sold by Transwestern in January 2017 for $2.2 million. After a complete renovation, the property’s sale price of $4.05 million, or $471 per square foot, set an all-timeper-square-foot record in Koreatown’s 90020 zip code.