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TMG Brokers $7M Sale of Koreatown Multifamily Property

TMG Brokers $7M Sale of Koreatown Multifamily Property

Orange County, CA-based The Mogharebi Group (TMG) has brokered the sale of Gramercy Townhouse, a 30-unit multifamily complex in the Koreatown neighborhood of Los Angeles. A local family office purchased the asset from an LA-based private family for $7.15 million, just days before Measure ULA went into effect on April 1.

“Even with uncertainty in the capital markets, deals are still happening, and we are procuring multiple offers from a wide variety of investors who seek the protection that multifamily assets offer,” said TMG Vice President Keon Truth, who represented the seller in the transaction.

Located at 430 S. Gramercy Place, the property consists of a three-story building with a mix of studio, one- and two-bedroom units. Gramercy Townhouse is also just a 10-minute walk from the Wilshire/Western Station of the Metro D Line, which is currently being extended from Koreatown to Westwood, with planned stops in Beverly Hills and Century City.

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Inside The Story

TMG's Keon Truth

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Sale/Acquisition
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