LOS ANGELES – The 669-unit Crenshaw Village Apartments in Los Angeles has received $42.5 million in acquisition financing. The community is located at 4220 Santa Rosalia Drive in the Los Angeles submarket of Baldwin Hills.
Upside Investments purchased the Class B/C asset for $60 million. It was built in 1948, and has only undergone minor renovations. Though renovation plans have not yet been finalized, Upside intends to install new appliances and laundry facilities. It will also update the landscaping and add more parking options.
The loan was secured by Steve Bram and David Pascale of George Smith Partners (GSP). Financing was provided by a GSP correspondent FNMA lender. Ron Harris, Paul Darrow and Michael DiSimone of Investments at Institutional Property Advisors represented both the buyer and the seller, a private investor, in the sales transaction.