Lion Real Estate Group, LLC, a real estate investment and asset management firm focused on acquiring value-add and opportunistic multifamily properties, today announced the sale of 3317 Exposition Place in Los Angeles to Luzzato Company, Inc. for $22,515,000 million. The transaction brings the estimated value of LREG's real estate and cash assets under management to nearly $1 billion as of April 1, 2021.
Located in Los Angeles’ West Adams District and in close proximity to Metro Rail’s Expo/Crenshaw station, 3317 Exposition Place is a two-story, dual-building site comprised of 29,759 square feet. The property has been occupied by current tenant and luxury online retailer, TheRealReal, since May 2019.
“Our decision to sell 3317 Exposition Place was due to the Luzzato Company paying a pre-COVID price to control the block,” said Mory Barak, Co-Founder and Managing Principal of LREG. “We are beyond pleased with the sale outcome which was well above our underwriting at acquisition.”
Additionally, the sale frees up capital that we are eager to deploy into Lion’s preferred core strategy,” Barak continued. “We are actively looking to acquire multifamily properties in areas with favorable economic growth projections that are relatively close to urban centers and provide convenient access to major transportation hubs.”