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California Real Estate Developer Buys Los Angeles Apartments

72-Unit Gower Gardens Trades Hands

By James Young January 13, 2022 | 7:22 AM

A local owner sold the Gower Gardens apartments in Los Angeles, 90038.

California Landmark Group paid $21 million, or about $292,000 per unit, for the multifamily property at 1201 N. Gower St.

The 72-unit, 56,622-square-foot multifamily complex is comprised of an even mix of studios, one- and two-bedroom apartments ranging from 500 to 750 square feet across three buildings.

The property was roughly 88% occupied at the time of sale, which closed at an in-place capitalization rate of 3.7% and represented a 1031 tax-deferred exchange property for both the buyer and the seller.

Please see CoStar COMPS #5828430 for more information on the transaction.

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