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8/01/18
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We’ve got two Los Angeles multifamily sales briefs to share. The deals account for 16 units with a combined price of $6.27 mil.
In the larger transaction, a nine-unit building at 11642 Kiowa Ave, north of Wilshire Blvd between San Vicente Blvd and Barrington Ave in the Brentwood submarket, traded for $4.25 mil ($472k/unit). In the other deal, a seven-unit property at 941 N. Normandie, south of Santa Monica Blvd by the 101 Fwy in the East Hollywood submarket, sold for about $2.02 mil ($289k/unit).
John Swartz and Josh Kaplan of Transwestern’s Los Angeles Multifamily Investment Services group represented the buyers and sellers in both transactions.
“Despite overall market concerns about rising interest rates and the upcoming Costa-Hawkins Rental Housing Act repeal vote in November, we received multiple qualified offers for these two properties, proving that buyers are still interested in purchasing well-located properties with strong rental market fundamentals,” said Swartz. “Both properties provide excellent opportunities for rental growth and long-term potential for redevelopment.”
According to commercial real estate research firm CoStar, investment sales volume in the Greater Los Angeles Area for January through May 2018 was up 9.3% year over year. Established markets such as Brentwood and up-and-coming investment submarkets such as East Hollywood continue to benefit from low vacancy rates, healthy economic fundamentals metro-wide and readily available multifamily investment debt.
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