![JPMorgan Chase Takes ,900,000 Loss On LA Apartment Complex in Deal With ‘Mega Landlord’: Report JPMorgan Chase Takes ,900,000 Loss On LA Apartment Complex in Deal With ‘Mega Landlord’: Report](https://dailyhodl.com/wp-content/uploads/2024/08/jpmorgan-real-bank.jpg?w=1024)
JPMorgan Chase Takes $29,900,000 Loss On LA Apartment Complex in Deal With ‘Mega Landlord’: Report
JPMorgan Chase has reportedly unloaded a major real estate investment in Los Angeles, taking an eight-figure loss.
JPM’s Investment Management division has sold a large apartment complex in LA’s Little Tokyo district in a deal with a “mega landlord,” The Real Deal reports.
Records show the bank bought the complex on 232 East 2nd Street for about $116 million in February of 2020, but recently sold it for $86.1 million – taking a $29.9 million hit.
The deal is the latest multi-million dollar loss in the troubled commercial real estate market as high interest rates and low occupancy rates continue to hammer the industry.
Last month, one of the tallest buildings in St. Louis, Missouri sold for only $3.6 million after selling for $205 million in 2006.
And Allstate just sold a business building in Chicago for about $11 million after purchasing it for $29.7 million in 2022.
Meanwhile, US banks at large are quietly selling their exposure to commercial real estate loans in a push to cut their losses, according to a recent report from the New York Times.
The report cites recent sales of commercial real estate loans in New York, San Francisco, and Boston by Goldman Sachs and Citigroup, and Capital One.
In this instance, JPMorgan bought and has now sold the entire complex to FPA Multifamily, a firm that owns 770 buildings across the US and has been aggressively scooping up real estate all across the country during the market downturn.
According to its website, FPA has transacted approximately $24 billion worth of real estate deals in the US.
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The post JPMorgan Chase Takes $29,900,000 Loss On LA Apartment Complex in Deal With ‘Mega Landlord’: Report appeared first on The Daily Hodl.
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Author: Alex Richardson