Apollo says yes to affordable rental housing

Buys 2 dozen L.A. properties under rent control

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Apollo Real Estate Advisors recently acquired 24 multifamily rental properties in various submarkets of Los Angeles, with plans to maintain them as rental housing. 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 square feet 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, in a statement. "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...