42-Unit Multifamily Trophy Asset in Prime Downtown Los Angeles Sells for $17.5M

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The Mint, an eight-story, 42-unit multifamily property located in the heart of downtown Los Angeles, has sold for $17.5 million. The buyer was a local investor.

The property, originally constructed in 1923 as an office building, underwent extensive renovations in 2016, costing over $12 million. Renovations included structural upgrades, seismic retrofit work, and significant building system upgrades to electrical, elevators, and plumbing.

Kidder Mathews Executive Vice President Janet Neman and Associate Angelica Gotzev represent the seller, a real estate investment firm managing assets that span the United States and Europe. Through their extensive marketing campaign, they generated multiple offers and selected a buyer who closed less than four weeks before the increased property transfer taxes were enacted due to Initiative Ordinance ULA. Jason Aftalion of Teva Properties was an advisor to the seller and provided management services for the asset.

Located at 1136 W. 6th Street in one of the most desirable and rapidly developing locations in downtown Los Angeles, the property is close to rich amenities, including various restaurants, cultural and entertainment venues, shopping, hotels, and nightlife. It is also not subject to Los Angeles City rent control, resulting in rental upside potential.

“This was a rare opportunity for an investor to acquire a turnkey, fully renovated boutique apartment community in one of the strongest and most vibrant markets in Los Angeles,” said Neman.

About Janet Neman
Janet Neman is an executive vice president and shareholder with Kidder Mathews. She specializes in the analysis, marketing, and sales of commercial investment properties, representing both buyers and sellers in multifamily, land development, office, and retail properties; she also has significant expertise in the sale of portfolios. Neman has been in the commercial real estate industry for over 35 years; in that time, she has sold more than $2.5 billion in assets.

Neman is consistently recognized as a top broker in Kidder Mathews’ Greater LA region. She has received many industry recognitions and awards, including the Women in Real Estate award by Connect CRE, Multifamily Influencers Top Broker, Women of Influence Hall of Fame and SoCal’s Most Powerful Women in Commercial Real Estate by the Real Estate Forum, Women of Achievement Award from the Century City Chamber of Commerce, Women of Diversity at the Comerica Bank & the Los Angeles Lakers Best of LA Women’s Business Award, Los Angeles Business Journal’s Broker of the Year: Best Multifamily Sale, and she was a finalist at the 2017 Los Angeles Business Journal Women’s Summit, celebrating dynamic women in Los Angeles.

About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 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 & construction management, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.

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