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SOURCE 3SC Capital Partners
LOS ANGELES, May 7, 2014 /PRNewswire/ -- 3SC Capital Partners, a value-added property investor focused on Southern California, has acquired a 12-unit multifamily property located in the up and coming "Virgil Village" neighborhood of Los Angeles.
3SC acquired 441 North Virgil Avenue for $2,610,000, or $217,500 per unit. Built in 1986, the property consists of 12 non-rent controlled units with a unit mix of 83% two-bedrooms and 17% one-bedrooms. Equity for the transaction came from 3SC Capital Partners Fund I, closed last month.
Jon Snow, Managing Partner of 3SC Capital Partners, the General Partner of Fund I, said: "We are excited to acquire our very first property as a firm, and couldn't be happier with the location or condition of the property. 441 N Virgil represents a great opportunity to purchase a well built, high quality property in a strengthening sub-market."
Will Vogt, Managing Partner of 3SC, adds: "This asset is ready for a significant renovation designed to reposition the property from a C+ to a B+. The improvements we will make to the property, both interior and exterior, are in line with our focus on value-add strategies and driving returns by repositioning assets."
The property is located immediately adjacent to the highly desirable Silverlake neighborhood. 441 N Virgil is within walking distance of the Beverly/Vermont LA Metro Red Line Station, providing easy access to Downtown LA, greater Hollywood and the San Fernando Valley. A short distance away, Camino Nuevo Charter School, opened in 2000, has already won the Rudy Bruner Award for Urban Excellence Gold Medal.
The sale was brokered by Sean Rosenzweig and Paul Darrow of Marcus & Millichap. Debt financing was provided by Chase Bank and arranged by Andrew Slaton of Northmarq. Crescent Canyon Management has been retained to manage the property during 3SC's ownership.
Contact 3SC Capital Partners for further data and analysis about the strengthening fundamentals and demographics of the Los Angeles residential market.
About 3SC Capital Partners
3SC, based in Los Angeles, is a commercial real estate investment firm specializing in value-added and opportunistic multifamily investments. The firm was founded in 2013 by commercial real estate professionals Jon Snow and Will Vogt. Snow brings over a decade of experience in multifamily acquisition, asset management and property management to 3SC. Vogt brings 10+ years of experience in commercial real estate project management and construction management to the firm. For more information visit www.3SCCP.com.
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