BEVERLY HILLS, Calif., Aug. 15, 2012 /PRNewswire/ -- Crawford Park Financial Inc., on behalf of our partnership investors in Coco Apts, LLC, purchased the 52-unit Coco Apartments in Los Angeles, CA for $4,100,000 ($78,000 per unit / $81 per square foot) on August 15, 2012.
"This outstanding Los Angeles location represents an opportunity for us to add value by re-positioning the asset through renovation and leasing the vacant units. We plan to invest $400,000 to rehab the property," stated Mark F. Crawford, President of Crawford Park Financial. The property is three buildings of two stories, garden-style apartments with garages. The properties were built in the 1950s.
The apartments are located adjacent to the Crenshaw Mall, the new Kaiser office / clinic development and near the newly opened Expo line light rail line.
Crawford Park Financial obtained financing through the commercial real estate investment banking firm, George Smith Partners arranged by Marc Schillinger. The loan is from First Republic Bank in Century City.
Trust Deed Investing
When speaking with Joanna Crawford, Vice President of Crawford Park Financial, she told us that they closed 21 private lender loans in the first two quarters of 2012. Those loans totaled $4,015,000. They anticipate that the second half of the year will be just as busy as the first.
About Crawford Park
Apartment investor / syndicator and asset based real estate lender. Sponsors partnerships with investors to acquire apartments in California. Investments are located in supply constrained markets and purchased below replacement cost. Then value is added through improving and repositioning the property. The Trust Deed loans are based primarily on the value of the asset. Lending is on both commercial and residential properties. The funding for each loan comes from a private investor.
SOURCE Crawford Park Financial Inc.