Introduction to Downtown Los Angeles Apartment Tower Trade
An entity connected to MetLife sold an apartment tower in Downtown Los Angeles for $68.8 million, according to property records dated late December. The buyer is a company owned by APW Avenue Group, which received a $56.8 million loan from Prime Finance.
APW Avenue Group is a privately held real estate investment company led by James Parks, who signed the loan document and confirmed the deal. The city transfer tax, which includes the special tax via Measure ULA, was about $4.1 million and paid by the seller.
Details of the Property
The 22-story property at 717 West Olympic Boulevard at the corner of Olympic and Figueroa in trendy South Park has 152 apartments atop about 7,000 square feet of ground-floor retail space.
In 2019, MetLife bought out UDR’s 50 percent ownership in five apartment communities for $323 million — and that included 717 Olympic.
Analysis of the Deal
The latest deal comes out to about $453,000 per apartment. The trade commanded more on a per-unit basis than the priciest multifamily deal all last year: Waterton’s purchase of an apartment complex in Woodland Hills for about $180 million, which translated to $345,000 per apartment. But on a per-apartment basis, it is less than Carmel Partners’ $141 million Marina del Rey buy, which came out to about $578,000 per unit, and was the priciest per unit trade all 2025.
Still, it is a notable deal for Downtown Los Angeles. On The Real Deal’s ranking of the priciest multifamily deals in Los Angeles County last year, downtown did not appear once.
APW was involved in another deal last summer. The company purchased waterfront apartments in Marina del Rey for $62 million.
Recent Activities of APW Avenue Group
APW Avenue Group has been active in the real estate market, with recent purchases including the waterfront apartments in Marina del Rey for $62 million.
Read more
Brookfield’s latest selloff: FIGat7th
Developer sells multifamily complex along Marina Del Ray waterfront for $62M
Conclusion
The sale of the Downtown Los Angeles apartment tower for $68.8 million marks a significant deal in the area, with APW Avenue Group expanding its portfolio. The per-unit price of $453,000 is notable, especially when compared to other recent multifamily deals in Los Angeles County.
FAQs
Q: Who bought the Downtown Los Angeles apartment tower?
A: APW Avenue Group bought the apartment tower for $68.8 million.
Q: How many apartments are in the tower?
A: The 22-story property has 152 apartments.
Q: What was the price per apartment?
A: The deal comes out to about $453,000 per apartment.
Q: Is this a significant deal for Downtown Los Angeles?
A: Yes, it is a notable deal for the area, especially considering the per-unit price.
