Transactions - MAY 26, 2017

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Berkshire Group acquires Los Angeles apartment property

by Larry Gray

The Berkshire Group has acquired Met Lofts, a 266-unit luxury apartment complex in the South Park neighborhood of downtown Los Angeles. The seller was the California Public Employees’ Retirement System. A sales price was not disclosed.

“The acquisition of Met Lofts follows on the heels of Berkshire’s purchase of the iconic One Santa Fe mixed-use project in downtown LA’s Arts District and is further evidence of our strong belief in the continued emergence of downtown Los Angeles as one of the most vibrant urban cores in the U.S.,” said Eric Schrumpf, senior vice president, multifamily acquisitions, Berkshire Group. “We continue to seek more opportunities for additional investment throughout primary submarkets in Southern California.”

Met Lofts is located at 1050 S. Flower St., one block from the Staples Center in downtown Los Angeles. The eight-story complex features studios, one-bedroom and two-bedroom apartments, ranging from 687 square feet to 1,404 squ

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