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5/23/18
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A private investor paid $8.3 mil for a recently completed 13-unit ($638k/unit) multifamily development in Culver City. The property is located at 5455 Inglewood Blvd, west of the 405 Fwy between the 90 Fwy and Jefferson Blvd, adjacent to Playa Vista.
Josh Kaplan and John Swartz of Transwestern’s Los Angeles Multifamily Investment Services group represented the buyer, a private investor, in the off-market transaction.
“The property presents an opportunity to take advantage of the particularly strong rent growth in the immediate area due to the continued tech company expansion into Playa Vista/Silicon Beach,” said Swartz. “The proximity to both booming employment centers and new amenities are major contributing factors to increased multifamily investor interest in this area.”
Home to YouTube, Facebook, Microsoft, Electronic Arts, Yahoo!, IMAX, Verizon Media, TMZ, Samsung, Belkin International, and Google, Silicon Beach has become the center of the entertainment and technology sectors in Los Angeles. The rapid expansion of the entertainment, technology and advertising sectors, as well as new world-class housing options and high-end retail amenities, have made Playa Vista one of the most attractive live-work-play submarkets and multifamily investment submarkets in the Los Angeles area.
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