|Roka Properties acquired Element WeHo, a 24-unit high-end multifamily property in West Hollywood, for $20.6 mil, or $856k/unit. The property is located at 1425 N Crescent Heights Blvd, just south of Sunset Blvd.
The luxury property contains one- and two-bedroom condo-style apartments, most featuring additional den or home space with an open concept design. Unit amenities include hardwood floors and high-end finishes including Calacatta quartz in the kitchens, chef-quality Viking appliances, walk-in bedroom closets, oversized soaking tubs, dedicated wine and beverage refrigerators, and full-sized washer dryers.
The property recently underwent an extensive renovation to 22 of the 24 apartments, including interior and exterior wall sound-proofing, new doors, windows and sliders, in-unit washer/dryer additions, recessed LED lighting, high-end designer plumbing fixtures, closet built-outs, custom cabinetry and stone slab countertops and backsplash.
Element WeHo features a fully equipped, on-site fitness center, garage parking, package concierge service, an outdoor courtyard with sun chairs, swimming pool, and mural art by renowned artists, Gabe Gault and Sara Sandoval. Residents benefit from the property’s central location near major employment centers locally in West Hollywood and the Sunset Strip as well as Hollywood, Downtown Los Angeles, Century City, and Culver City.
CBRE’s Dean Zander and Chris Tresp represented the seller, a New York-based investor, in the transaction. The owner had acquired the building in 2015 and decided to sell the asset post-renovation as part of their business plan.
“At $856,000 per unit, the sale of Element WeHo represents a record achieved in West Hollywood for a property of its size and vintage,” said Tresp. “The impressive sale metrics were well-justified by the superb renovation and repositioning of the property by the ownership group.”
“This truly is a one-of-a-kind property and location,” said Zander. “West Hollywood is home to numerous entertainment companies such as CityGrid Media, InterActive Corp, and the Oprah Winfrey Network. This provides continuous demand for the high-end apartments Element WeHo offers. It is truly an unbeatable location with a walkscore of 92, which is quite rare in LA.”
U.S. multifamily vacancy fell to 3.6% in the third quarter nationally, down 40 basis points (bps) from the prior year and the lowest level since 2000, according to CBRE’s Q3 Multifamily Figures. Average rent rose 2.9% year-over-year, on par with Q2 and slightly higher than the historical average of 2.6%. Net absorption of 307,600 units outpaced completions of 256,000 for the year ending in Q3, demonstrating the sustained high levels of multifamily demand throughout the U.S.