LOS ANGELES — California Landmark Group (CLG) has acquired the 120-unit Lafayette Park Apartments in the downtown Los Angeles submarket of Koreatown for $23.7 million. The community is located at 349 S. Lafayette Park Place.
Lafayette Park was built in 1971. CLG will implement a $4 million capital improvement program over the next several years. The plan will include extensive renovations to the building’s exterior, pool area and clubhouse. Interior unit improvements will include new appliance packages, stone countertops, cabinetry, flooring, lighting and fixtures.
The acquisition was financed with a $17.5 million first mortgage loan from Mesa West Capital. Stewart Weston of Marcus & Millichap represented CLG in this transaction. The seller was a private investor.