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7/02/18
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The Culver, a four-story, 28-unit Class A luxury apartment complex in the Culver City/Palms neighborhood of Los Angeles, sold for $15.65 mil, or $559k/unit. Built in 2006, The Culver is located at 3325 South Canfield Ave, adjacent to the I-10 Fwy and no more than ˝ mile from the popular downtown Culver City area.
The property offers a mix of studio, two-bedroom and three-bedroom floorplans with nine-foot ceilings, in-unit washer/dryers and balconies. Common-area amenities include: a rooftop deck with seating and grills; a state-of-the-art gym; a Bosch coffee station and business center that opens up to a courtyard.
Peter Sherman with Avison Young represented the seller, Palm Heights LLC. The buyer is Mapleton Culver City LLC.
“The Culver/Palms submarket is such a dynamic and desirable neighborhood within Los Angeles,” Sherman comments. “More than 1.5 msf of office space is currently under construction with Amazon and Apple recently signing significant leases to join the community here. This construction activity just adds to the strength of the submarket as Culver City’s walkable town center offers great shops and cafes, and an MTA station. Major companies, such as Sony Pictures, Culver Studios, NFL Network and Scopely, are all within minutes from the property.”
Sherman adds, “The Culver is primed to receive an upgrade of its interiors to compete with the newer properties and designed for higher-end renters seeking a boutique style community to call home in this terrific neighborhood.”
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