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9/30/14
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The Burnside Lofts, a vintage, 36-unit apartment building in LA’s Miracle Mile area traded hands at a price of $8 mil, or $222.2k/unit. The four‐story property is located at 649 South Burnside Ave, west of La Brea Ave and just north of Wilshire Blvd, just steps from Museum Row.
Burnside Lofts has recently been restored to its original grandeur and features a prominent ivy‐laced façade and an elegantly revamped marble lobby. While this eye‐catching property stands with grace and charm, the unit interiors feature a unique blend of vintage character coupled with modern luxuries. The renovated apartments offer refinished hardwood flooring, exposed brick walls, new stainless steel appliances, butcher block countertops, pedestal sinks and central air conditioning.
The property offers an excellent unit mix of twelve studio units, sixteen Jr. one‐bedroom units, and eight one‐bedroom units. The building features controlled access entry, a resident’s lounge with a pool table and a grand screening room with a 10‐foot screen and projector.
Darin Beebower of Madison Partners was the listing broker for the property, representing both the seller, Burnside Partners, LP, an LA‐based investment company, and the buyer, Burnside Wilshire Apartments LLC, a private investor. The sale of Burnside Lofts is the fourth transaction Beebower has arranged between the parties in less than a year.
“By delivering a luxurious unit in an amenitized vintage building, while still at a steep rental discount compared with newer properties, the Burnside Lofts are positioned to capture an untapped niche in the marketplace,” commented Beebower.
The buyer was exchanging from another property Beebower sold in March of this year, the 100‐unit
Whitley House located in Hollywood. With less than 30 days in which to close escrow on their replacement property, the buyer was seeking to acquire a quality property from a seller that could be relied upon.
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