Xenon Investment Corp. has been growing its presence across Los Angeles, with a number of transactions taking place over the past few months. Most recently, the company purchased a 66-unit apartment building near Culver City for $33 million, or $500,000 per unit, according to a recent announcement from the company.
Public records show that the property, which is located 2820 Sawtelle Boulevard, was sold by an entity that shares an address with Lantana Development Company The property offers a mix of studio to two-bedroom options, as well as several onsite amenities, including balconies, laundry services and more.
In addition to the property on Sawtelle Boulevard, the company also recently acquired an 18-unit apartment building for $11.9 million, or about $661,111 per unit. According to Xenon Investment Corp., the deal closed on June 30. The property is located at 1616-1620 Bentley Avenue and was sold by private investors Mikhail Berestetsky, Stella Berestetsky and Vladimir Chertok, according to property records.
A third property, located at 944 Tiverton Ave. in Los Angeles, was also added to Xenon’s portfolio for $8.2 million. The property is a 28-unit apartment asset in Westwood Village near UCLA. The building has a prime location central in Westwood Village near all stores and shops, very close to the UCLA campus and to everything the Village has to offer, according to a statement from the firm. Built in 1940, the property is in its original condition and has not undergone any extensive renovations. Xenon’s plans are to renovate the units completely, improve the common areas and make capital improvements in order to modernize and capitalize on the UCLA rental market.
In general, the Los Angeles-based investment company has been busy over the past couple of months, with June and July marking more than $70.2 million worth of multifamily transactions. In total, Xenon Investment Corp. has acquired 161 units across Los Angeles during 2022.
Other acquisitions by the company in 2022, include a 39-unit multifamily asset at 18424 Halsted Street, which was acquired on June 29 for $9.175 million, or about $235,256 per unit. On July 25, the company also purchased a 28-unit apartment building at 944 Tiverton Avenue for $8.2 million, or approximately $292,857 per unit.
According to the company’s LinkedIn page, Xenon Investment Corp., led by Principal Deepak Mehta, was founded more than 25 years ago and specializes in the acquisition, management and renovation of apartment properties throughout the Greater Los Angeles area. The company currently owns and manages more than 100 multifamily properties totaling 3,000 units.
