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8/16/16
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Here’s a quick update on four recent multifamily sales in LA’s Hollywood and Koreatown areas. The transactions totaled over $17 mil.
In one of the deals, a 30-unit property at 730 S. Serrano sold for $7.5 mil ($250k/unit). Built in 1961, the property includes a courtyard and is situated one block south of Wilshire Blvd. This was the final building sold out of a portfolio of 12 buildings. The other 11 properties, totaling 110 units, sold in March of 2016.
An 11-unit property at 857 S. Plymouth traded for $5.35 mil, or $486k/unit. Constructed in 1990, the property is non-rent-controlled, with below-market rents.
There was also a 10-unit building at 5212 Fountain that fetched $2.125 mil ($212k/unit). That property, built in 1923, includes a vintage bungalow courtyard. And, a 14-unit asset at 1033 N. Ardmore sold for $2.3 mil. That property, built in 1953, is situated near Santa Monica Blvd and Normandie. The seller had owned the property for over 40 years.
Rich Johns of KW Commercial represented the sellers in all of the deals and also repped the buyers in all of the transactions except for the 857 S. Plymouth property. According to Johns, all of the properties were challenged with low existing rents and were marketed as value-add opportunities.
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