LOS ANGELES, March 12, 2012 /PRNewswire/ -- Crawford Park Financial Inc., is pleased to announce our fourth apartment acquisition within a year. The 43 units were purchased under Expo Apts, LLC. The purchase date was March 6, 2012. The property includes three complexes in Los Angeles, at a price of $2,850,000 ($66,279 per unit / $82.28 per square foot).
"This Baldwin Hills location represents an opportunity for us to add value by re-positioning the asset through renovation of the property and leasing the vacant units. We plan to invest $442,765 to rehab and reposition the property," stated Mark Crawford, President of Crawford Park Financial.
The urban location is near shopping, at the Crenshaw Mall and transportation, being between two stops on the new Expo light rail system. Properties were built in the 1950's and were 66% occupied at close of escrow.
Crawford Park Financial obtained financing through the commercial real estate investment banking firm, George Smith Partners. The loan was arranged by Marc Schillinger. The $2,137,500 loan is from First Republic Bank in Century City.
This purchase complements Crawford Park Financials successful Hard Money Loan / Trust Deed Investment business. Trust Deeds are asset based loans with annual yields ranging from 10% -12% while Apartment Syndication investments are a consistent, long-term investment. Crawford Park focuses on acquisitions of properties in high barrier to entry markets that can be purchased below replacement cost.
For more details or to request investor information, please contact Mark Crawford at 310-273-3333 or [email protected].
Crawford Park Financial, Inc. is a real estate investment company specializing in investor partnerships of urban apartments and the purchasing and originating of 1st mortgage debt in California. Crawford Park Financial, Inc. has invested over $20,000,000 on behalf of our investors in the last two years.
Press Contact: Mark Crawford
E-mail: [email protected]
SOURCE Crawford Park Financial Inc.