Paladin Realty Partners LLC, has expanded its growing workforce rental housing portfolio in Southern California with the recent acquisition of Brownstone Apartments, a 17-unit apartment community located in Bellflower. Built in 1967, the property has nine one-bedroom units, seven two-bedroom units and a studio unit.
As with its previous SoCal workforce housing investments, Paladin intends to pursue a value-added business plan to modernize the property. “While on the smaller side for us, Brownstone Apartments is exactly the type of opportunity we seek in Southern California,” said Fred Gortner, Co-Founder and Head of U.S. Strategy at Paladin Realty. “It’s a well-located, well-maintained but under-managed asset in a prime workforce housing submarket. Our objective is to upgrade the asset and enhance the residents’ quality of life, while preserving critically needed affordable workforce housing in a highly desirable infill location.”
California Bank & Trust provided the debt financing. Bridgeport Investments in Newport Beach served a financial advisor to Paladin. Tracy Hong and Chris Keramati at Trigor Group brokered the transaction.
If you’re reading about the multifamily industry, you should be in the room with its leaders. Connect Apartments brings together the executives featured in Connect CRE’s coverage for an afternoon of high-level insights and unmatched networking on September 22 at The Biltmore in LA.
