In November of 2019 we executed a 1031 exchange with the sale proceeds from the repositioned 26-unit apartment building at 1030 Magnolia Avenue in Gardena, along with two other partners, into this off-market 112-unit 3-building portfolio, for $21,562,000, or approximately $192,000/unit. The portfolio consists of 50-units in Lawndale, 44-units in Hawthorne and 18-units in Oceanside. This acquisition was effectuated with a loan in the amount of $21,100,000, which included a mezzanine loan in the amount of $2,750,000 for the portfolio’s repositioning, which equates to approximately $25,000/unit.
