JPMorgan Investment Management sold the Arrive Wakaba apartment complex for $86.1 million, 25% less than its 2020 purchase price, highlighting the depreciation in multifamily property values.
FPA Multifamily has acquired the Arrive Wakaba property at $358,000 per unit, consistent with current market trends in Downtown Los Angeles, where multifamily prices have declined.
The sale reflects a broader trend in the real estate market, as apartment prices have dropped around 20% in the past two years, attributed to high interest rates and falling rents.
FPA Multifamily continues its pattern of discounted acquisitions, having recently purchased other apartment complexes at significant reductions from original asking prices, showcasing strategic investment amidst market shifts.
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