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9/02/14
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A fully occupied 27-unit multifamily property in LA’s Silver Lake area sold in a sale valued at $3.37 mil ($125k/unit) from a month or so ago. The property, located at 4305 Gateway Ave, south of Fountain Ave on the west side of Sunset Blvd, was purchased by an entity called 4305 Gateway LLC, from Los Angeles.
Built in 1971, the property includes 24 one-bedroom units and three studio units. It offers a courtyard, ample parking, and an on-site management office.
Bryan Glenn, senior director with Charles Dunn Company, represented the buyer in the deal. The seller, a private investor from Los Angeles, was represented by John Christopher & Esau Tenorio of Coldwell Banker Los Feliz. The closing cap rate was 5.1 percent.
“The Silver Lake area is a very hot market for housing as it offers easy access to Hollywood, Echo Park and Downtown Los Angeles,” said Glenn. “The buyer saw value in that as well as the quality of the property and upside in rental rates.”
Glenn added that the buyer plans to implement a capital improvement program to upgrade the building systems, common areas and individual units.
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