The Apartments are located at 401 La Fayette Park Place in the northeast section of Koreatown in Los Angeles. The apartments sell for roughly $130,000 per unit. Leasing began at the end of last year and currently the complex is close to fully occupied.
Both the buyer, 1031 Reverse Exchange Co., and the seller, a joint venture between Hanover Financial Co. and Upside Investments Inc., were represented by Ron Harris of Marcus & Millichap. Hanover's managing partners are Michael H. Lowinger and Mark Macedo; while Gary Simons is President and Sean Baker is CEO of Upside Investments.
Hanover Financial Co. has acquired and developed over $400 million in real estate assets and simultaneously sold over $160 million in property.
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