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9/15/17
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Atwater Avenue Apartments, a six-unit, turnkey property in the Los Angeles submarket of Atwater Village, has traded hands at a price of $2.13 mil. The transaction marked a record-breaking sale as the property achieved the highest price per unit of $355k and highest price per square foot of $461 ever paid for comparable properties in the submarket, per CoStar records.
Built in 1964 and completely renovated in 2015, the two-story property is located at 3322 Atwater Ave on a quiet street between Glendale Blvd and Fletcher Dr. The unit mix consists of two one-bedroom units and four two-bedroom units.
Mark Ventre with Stepp Commercial represented the buyer, an LA-based private investment firm, and the sellers, private investors from Los Angeles.
“Atwater Avenue Apartments presented the buyer with an amazing opportunity to own a stabilized property in an area that has become very trendy in recent years,” said Ventre. “In fact, Atwater Village is changing so quickly and this property shows so well, that by the time the seller had finished leasing the renovated units, there was already considerable upside in the rents, which was attractive to the buyer.”
Ventre added that due to the seller’s luxurious institutional quality upgrades and attention to detail, this mid-century asset has achieved some of the strongest rents of any similar type property and vintage in Atwater Village.
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