Reno Apartments
350 South Reno Street, Lafayette Park, Los Angeles

This property shares many of the same attributes as our Alpine Street and Catalina Apartments in LA's suddenly burgeoning downtown. Located in the extremely popular Lafayette Park area and proximate to the downtown Financial District, the 350 S. Reno Street apartments offer a 'no commute' option to those who prefer an urban environment. Sited between the two highest concentrations of office space in Los Angeles County, residents enjoy the amenities of City living in a contemporary apartment community near Korea and China Towns.

The South Reno apartments offer convenient freeway access, and proximity to such popular areas as the Melrose District, Hollywood, the Staples Center, and Chinatown. These high-end units offer tremendous curb appeal, as they offer a pleasant streetscape overlook. They are additionally benefited by being surrounded by other high-end multifamily complexes.

This 36 unit, three-story apartment complex is constructed over two levels of secured parking-one level at grade and one subterranean. The property was built in 1990, and is accordingly exempt from the Los Angeles Rent Control ordinance. The overall physical condition is above average given its eleven-year age. The occupancy history for the property is very strong, as is characteristic of virtually all the higher quality apartment communities in Lafayette Park.

All units have balconies, central air conditioning, dishwashers and fireplaces. Central entry is secure; individual apartments are accessed through intercom. We believe the unit mix is one of the strongest elements of this investment: 30 2BR-2BA units that average 950 square feet in size. The always popular 2BR-2BA designs should do exceptionally well in this location, particularly given their size. The property has the potential for an increase in rents in excess of 35% over a three-year period.