Red Tail Takes Over Arrive Wakaba Apartment Building in Little Tokyo

Red Tail Acquisitions has acquired Arrive Wakaba, a 240-unit apartment building in the Little Tokyo neighborhood of downtown Los Angeles, for $86.1 million, or $359,000 per unit. The property, located at 232 E. Second St., was originally built in 2016. The price, which was based on public records, represents a 34% drop from the previous sale price of $115.6 million in 2020.

Most units in the seven-story building have two bedrooms. Amenities include electronic key entry, stainless steel appliances and quartz countertops. It has a two-story fitness center and a rooftop gaming area. The building includes 30,000 square feet of ground-floor retail space with a mix of national and local tenants. Starbucks recently vacated its space.