Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $7.68 million sale of The Flynn, a 37-unit apartment property located at 170 S. Mountain View Avenue in Los Angeles. The newly renovated property is within the MacArthur Park neighborhood, which is near the border of Echo Park and Koreatown.
Executive Vice President Darin Beebower and Senior Vice President Mark Ventre represented the Los Angeles-based seller, a private investment firm, as well as the buyer, a Los Angeles-based investor. The closing cap rate was 4.88 percent and the price per unit was approximately $207,000.
Built in 1928, the three-story property includes 34 studio units and three one-bedroom units. It features a courtyard and garden, outdoor spaces, and a secure gated-entry. The property is near the 101 and 110 freeways and the MacArthur Park Red Line Metro Station.
“The seller executed on its business plan to reposition and stabilize The Flynn, including adding significant value through construction of three accessory dwelling units (ADUs),” said Beebower. “This property offered the buyer an opportunity to acquire a completely renovated asset with healthy cash flow that is accretive to his existing portfolio.”
Ventre added, “The MacArthur Park neighborhood is in the midst of adding several hundred new higher-end apartment units and has been attracting tenants seeking a low cost alternative to nearby DTLA, Echo Park and Koreatown.”