CGI Strategies has acquired Parkwood Apartments, a 78-unit multifamily community in the Los Feliz neighborhood of Los Angeles for $20.15 million, capping an active 2018 in which the firm was involved in the development and acquisition of more than $100 million of multifamily assets in California and New York.
The three-story Parkwood Apartments is located at 4646 Los Feliz Boulevard on a nearly one-acre lot at the southeast corner of Los Feliz and N. Vermont Avenue. The property’s entire inventory of one-bedroom homes has not significantly been updated since it was built in 1973 providing CGI with a compelling value-add opportunity. CGI will immediately begin to modernize the building’s infrastructure and common areas as well as renovate units as they become vacant. Improvements to the unit interiors will include hardwood flooring, stone and tile finishes, plumbing fixtures, lighting and stainless steel appliances. The property was 94 percent leased at closing.
“The property benefits from its location at the cusp of Los Feliz and Silver Lake, unique neighborhoods that have emerged as two of Los Angeles’ most exciting hot spots,” said CGI Founder and CEO Gidi Cohen. “In addition to the neighborhood’s exciting social infrastructure, the property is in within walking distance to the Vermont/Sunset Metrorail station providing residents with easy access to jobs and entertainment options in Hollywood, Koreatown, and Downtown Los Angeles.
The acquisition was leveraged with financing from Bank Leumi arranged by Dekel Capital led by firm principal Shlomi Ronen. Tony Azzi, Executive Managing Director Investments with Marcus & Millichap represented both parties in the transaction.
In 2018, CGI began or completed construction on six multifamily developments in Los Angeles and New York. In Los Angeles’ Koreatown neighborhood, the firm opened The KODO, a 60-unit, hotel-style residential development and also started construction on the Mariposa, a Class A apartment project with 104 market rate and 18 affordable apartment homes over 4,600 square feet of street level retail space. CGI also completed its multi-million dollar renovation of the historic Villa Carlotta in Los Angeles’ Franklin Village neighborhood, which earned the firm the 2018 Preservation Design Award by the California Preservation Foundation.
CGI also is under construction on three condominium projects in Brooklyn, NY with the 73-unit Arbor Eighteen at 185 18thStreet in Brooklyn’s South Park Slope neighborhood; a 26-unit development at 186 21stStreet; and 653 Bergen, a seven-unit luxury project in Prospect Heights. CGI recently completed 318 E. 81stStreet, a $24 million, six-unit luxury condominium project on Manhattan’s Upper East Side.
The firm’s multifamily portfolio also includes assets in Florida and Atlanta, GA.
