Kidder Mathews Senior Vice President Robin Ossenbeck is pleased to report the sale of a 54-unit apartment community at 340 South Kenmore Avenue in Los Angeles for $15,900,000. Ossenbeck represented the seller, ROM Residential, and was the only broker involved in the transaction, which closed on September 21, 2022. The buyer was Landmark Global Management.
Built in 1965, the property is located in the Koreatown neighborhood, south of 3rd Street and west of Vermont Avenue. It includes an excellent unit mix of nine studios, 33 one-bedroom/one-bath apartments, and 12 two-bedroom/two-bath units.
Landmark Global Management had been looking to add to its growing Koreatown portfolio and was impressed with the large one- and two-bedroom units compared to other buildings in the area. The company was also drawn to the property’s curb appeal and understood the significant upside potential in the rents upon turnover.
ROM Residential had owned the building for over 20 years. Leeor Maciborski of ROM says the company plans “to re-invest its capital back into the Los Feliz/Hollywood area,” where it is one of the largest property owners, with over 1,400 units.
“The buyer and seller were extremely fortunate, as the buyer was able to lock in a below market interest rate just in time, before the recent runup in rates, through his strong relationships with lenders,” said Ossenbeck. “With the exceptional financing, the buyer will be able to add significant value to the property in the coming years, making this purchase a solid long-term hold investment for years to come.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.