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 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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription