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11/21/16
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Here are two recent LA-area multifamily sale comps that total roughly $38 mil. One of the transactions, which closed at the end of September, was for the sale of Fairfax WeHo, a 0.79-acre multi-housing development site at 1250 Fairfax Ave in West Hollywood. The proposed apartment property was fully entitled and nearly permit ready at closing, and will consist of four stories totaling 53 residential units situated above a one-story parking garage.
The project, designed by local architect R&A Design, features a unique courtyard-style design with sky bridges and a luxury amenity package. HFF represented Oak Coast Properties in the sale. The project is due to break ground in 2017.
The other transaction, which was for a portfolio of properties collectively referred to as the Eastside Portfolio, closed at the end of October and comprises nine multi-housing properties totaling 146 units in the Echo Park, Koreatown and East Hollywood communities of Los Angeles. The buildings were originally built between 1908 and 1963 and incorporate architectural styles ranging from the Art Deco style of the 1920’s to the Mid-Century modern style of the 1950’s and 1960’s. HFF marketed the offering on behalf of a private investor.
Blake A. Rogers and analyst Alexandra Caniglia with HFF represented the sellers in both deals.
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