Prana Investments Buys 3 in LA for $18M

Prana Investments has acquired a three-property multifamily portfolio in Los Angeles, for $18.1 million. Urban Smart Growth sold the Artiste Portfolio, comprising 108 units across all three assets. Berkadia represented the seller. The following communities are all located in northeast Los Angeles, within a few minutes’ drive of each other. 5406 Lexington Ave. traded for $7.6 million with a 4.5 percent cap rate and 12.8 GRM. This building was constructed in 1928 and received a renovation in 1995. It comprises 42 units across a total of 25,048 square feet. 109 S. Normandie Ave. changed hands for $5.8 million at a 4.5 percent cap rate and 12.1 GRM. The 36-unit community has a total of 23,084 square feet and was built in 1929, last receiving renovations in 1969. The community at 245 N. Kenmore Ave. was sold for $4.8 million with a 4.8 percent cap rate and 12.1 GRM. The 15,408-square-foot community has a total of 30 one-bedroom units, was constructed in 1925 and renovated in 1969.