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12/19/17
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Two fully occupied apartment properties in prime West Hollywood traded hands between the same buyer and seller in separate deals totaling $5.68 mil ($334k/unit). The properties include the Sweetzer Apartments, a nine-unit apartment property, and the Rosewood Apartments, an eight-unit apartment property.
Each property sold for $2.84 mil, with the Sweetzer Apartments closing at a 2.3% cap rate and a price per unit of $315k, and the Rosewood Apartments closing at a 2.6% cap rate and a price per unit of $355k.
Originally built in 1957, the Sweetzer Apartments consists of a two-story building located at 561 Sweetzer Ave. The property contains one three-bedroom, one two-bedroom and seven one-bedroom units. The units feature spacious floor plans, updated kitchens, tiled baths with some units offering hardwood floors and/or private patios. The property also offers covered parking and onsite laundry.
The Rosewood Apartments, built in 1960, is a single building, two-story property located at 8355 Rosewood Ave on a quiet tree lined street. The property consists of four two-bedroom and four one-bedroom units. The units feature spacious floor plans with upgraded kitchens, hardwood floors, tiled baths and private patios. The property also offers subterranean parking and onsite laundry.
Kimberly Stepp of Stepp Commercial represented the seller, Sweetzer Rosewood LP. Mark Ventre, also with Stepp Commercial, repped the buyer, Metros Capital 2 LLC, in the transactions.
“West Hollywood has long been and will remain one of Los Angeles’ most dynamic and popular lifestyle districts,” said Stepp. “The area’s high barriers to entry and low vacancy rates make sourcing quality investment opportunities with significant upside a rare find. These classic, well-maintained West Hollywood properties feature rents well under market and are destined for a major repositioning and improvement program.”
In terms of shopping, dining, night life and culture, West Hollywood is at the heart of the best Los Angeles has to offer. The properties enjoy a central location just a few blocks from the trendy shopping and dining on Melrose Ave and are only a half-mile from Sunset Blvd. The surrounding community is the hottest destination in Los Angeles for the entertainment industry with its boutique hotels, celebrity-owned restaurants, unparalleled nightlife and shopping and world-renowned events like the HBO Emmy Party, Sir Elton John’s Annual Oscar Party, LA PRIDE and the West Hollywood Halloween Carnaval, the largest Halloween street party in the world. West Hollywood continues to set the standard for progressive, creative individuals on the cutting edge of trends and new ideas.
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