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LOS ANGELES-An investment group based in New York City has acquired a 353-unit apartment portfolio in Koreatown and the San Fernando Valley for $50.1 million in an off-market transaction, the latest example of how the Koreatown section of L.A.'s Mid-Wilshire area has become increasingly popular with multifamily investors in recent years. Darin Beebower of locally based Madison Partners, who brokered the transaction, says that the deal also illustrates how "restrained credit and tight underwriting standards in the housing market have already begun to stimulate increased activity in the apartment market."

The portfolio, which includes one property in the San Fernando Valley in addition to the Koreatown assets, was 95% occupied at the time of the sale. Beebower represented both buyer TPF VII LLC and the seller, a private individual, with Ron Harris of Marcus & Millichap as co-broker on the Koreatown properties.

The portfolio consists of the LaFayette Apartments & Embassy Square Apartments, two adjacent complexes located at 249 and 269 S. LaFayette Park Place and 700 S. Berendo St. in Koreatown, plus 7500 Mason Ave. in Winnetka. Built in 1969 and 1970, the Lafayette properties are four-story buildings consisting of 121 units and 147 units, respectively.