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6/26/14
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We’ve got two recent multifamily property sales comps totaling $4.7 mil from West Hollywood to report. The sales include; a 10-unit property that sold for $3.3 mil ($330k/unit) and a five-unit asset that traded for $1.4 mil ($280k/unit).
The 10-unit property is at 1220 N. Formosa Ave, near Fountain and W. La Brea Blvd. Built in 1960, the building includes four, one-bedroom/one-bath units; two, two-bedroom/one-bath units; and four, two-bedroom/two-bath units. It offers controlled access and was completely renovated in 2013 with high-quality upgrades to all the units.
Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, Los Angeles-based Aquat 9 LLC, as well as the 1031 exchange buyer, a Los Angeles-based private investor. The transaction closed at a 4.8 percent cap rate and sold at full asking price.
The five-unit property is a two-building asset built in 1930 and located at 1231-1235 N. Vista St, a block and a half north of Santa Monica Blvd. The property includes a three-bedroom/two-bath front unit and four one-bedroom/one-bath units.
For the Vista sale, Stepp represented the seller, Los Angeles-based Jambax LLC. The buyer was a private investor from Los Angeles who was represented by Diana F. Tiao of The Collective Realty. The transaction closed at a record low 2.9 percent cap rate.
“We received multiple offers on both properties and selected all-cash buyers, closing escrow in less than 30 days,” said Stepp. “The West Hollywood market for rental properties is one of the best locations for multifamily property investment in California as there are limited availabilities, strong demand, and high barriers to entry for these opportunities.”
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