crefeed.com | Prometheus acquires Los Angeles multi-family for $24M

12/27/2007

Prometheus acquires Los Angeles multi-family for $24M

Franklin Plaza Apartments

San Mateo, Calif.-based Prometheus Real Estate Group Inc. has acquired the Franklin Plaza Apartments in Los Angeles for $24 million, or $300,000 per unit, from RW Selby Co.

Marcus & Millichap's Gregory Harris represented both the buyer and the seller in the transaction.

The 80-unit apartment complex is located at 7230 Franklin Ave. and was constructed in 1974. It was sold with a 4.25 capitalization rate and was 97 percent occupied at the time of sale. The three-story building contains a unit mix of one and two-bedroom apartments.

The sale represents the second Los Angeles-area acquisition for Prometheus in the last month. In November, the company purchased the Serravella Apartments at 1710 North Fuller Ave. for $86.25 million.

Harris, a VP of investments at Marcus & Millichap's Encino headquarters, is currently the listing agent for the 112-unit Bradbury Park, a multi-family community in Duarte. The complex has an asking price of $22 million.

Address: 7230 Franklin Ave., Los Angeles, Calif.

Size: 80 units

Built: 1974

Filed Under: Multi-Family

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