LOS ANGELES, April 10 /PRNewswire/ -- Apollo Real Estate Advisors has
acquired 24 multi-family rental properties in various submarkets of Los
Angeles, with plans to maintain them as rental housing, the firm said.
With a total acquisition value of approximately $83 million, the
properties are located in the Silverlake, Westlake, Koreatown, Hollywood,
West Hollywood and Los Feliz submarkets, and comprise 1,002 primarily rent-
controlled units. The apartments consist mostly of studios and
one-bedrooms, ranging from 700 to 1,000 square feet. The sellers were not
disclosed.
Apollo, which invests in and co-develops projects throughout the
country, plans to continue operating 900-plus units subject to the L.A.
rent stabilization ordinance, said Dean Pentikis, Apollo partner who heads
the firm's West Coast operations.
"We believe there is a real opportunity to provide quality affordable
rental housing in L.A. for tenants who currently have few options in the
areas where we are investing," Pentikis said. "Consistent with what Apollo
has done in certain New York markets, we expect to provide a better living
experience, as many of these buildings have not seen reinvestment in years.
We're committed to long-term investment and growth in this market."
He said Apollo has earmarked $20 million for capital improvements over
the next five to seven years. Plans are to upgrade lobbies and common
areas, landscaping and security, as well as roofs, facades and major
building systems.
Pentikis said Apollo will work with tenant associations and community
groups, much as the firm has done in conjunction with its affordable
housing properties in the Bronx and Brooklyn, in its home city of New York.
"We have a successful history of partnering with tenant associations
and non-profits in retaining and creating affordable housing
opportunities," he said.
About Apollo Real Estate Advisors
Apollo Real Estate Advisors is a leading international real estate
investor and fund manager. Since the firm's founding in 1993, Apollo has
overseen the establishment of 16 real estate funds and joint ventures
totaling approximately $8.7 billion in equity commitments for investment in
the United States and globally. The Apollo funds have collectively invested
in over 400 transactions with an aggregate value in excess of $30 billion.
The firm's Web site is http://www.apollorealestate.com.
SOURCE Apollo Real Estate Advisors
 back to top
Related links:
http://www.apollorealestate.com
CONTACT:
Michelle Manoff of Rubenstein PR,
+1-212-843-8051, mmanoff@rubensteinpr.com; or Dean Pentikis of
Apollo Real Estate Advisors, L.P., +1-310-843-1995,
pentikis@apollorealestate.com
|
