News & Press

City Buys 120-Unit Multifamily Asset

A 120-unit apartment complex in the historic neighborhood of Lafayette Park sold for $43.3 million. 

The three-story, 91,000-square-foot building, dubbed LP by CLG and located on a 43,000-square-foot lot at 349 S. La Fayette Place, was purchased by Housing Authority of the City of Los Angeles with the intent of promoting and advancing workforce and affordable housing initiatives.

Since the transaction involved a public-agency buyer, the sale was exempt from the city’s ULA property tax, also known as the Mansion Tax. 

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