January 2, 2018

Golden Bee Properties drops $17M on South LA apartment portfolio

The deal comes amid a recent investment boom in Inglewood.

Culver City-based property investment firm Golden Bee Properties paid $17.4 million to acquire eight apartment complexes throughout South Los Angeles and Hawthorne.

The 107 combined units — a mix of studio, one-, two- and three-bedroom apartments — were purchased from private individual sellers, the Los Angeles Business Journal reported. Golden Bee raised equity for the purchase from crowdfunding sites, as well as private investors.

The firm said in a release it plans to spend $1.5 million in upgrades and refurbishments to all the properties. It will completely gut and rehab a select few of the buildings.

Among the properties acquired are the 18-unit building at 12914 Doty Avenue, the 22-unit building at 1212 W. 107th Street, the 25-unit building at 8319 S. Broadway and the 11-unit building at 932 W. 80th Street, Golden Bee’s president David Berneman said in an email.

South Los Angeles, specifically Inglewood, has welcomed plenty of development in recent months as it gears up for the launch of Metro’s Crenshaw light rail line and the much-buzzed-about $2.6 billion NFL stadium. Developer Izek Shomof recently dropped $18 million to purchase a drab hotel located across the street from the under-construction stadium, while Harridge Development Group is planning to build a 228-unit condo tower nearby.

Original Article here.