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12/28/18
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Los Feliz Palms, a 54-unit apartment property in Los Angeles’ Los Feliz District, sold for $17.58 mil ($325.5k/unit). The property is centrally located at 1917 Rodney Dr, within walking distance to several shops, restaurants and entertainment options on Hillhurst Ave, Los Feliz Blvd, Vermont Ave and Hollywood Blvd.
The four-story building features an ideal unit mix of 48 one-bedroom/one-bathroom units and six two-bedroom/two-bathroom units. The complex also includes a fully enclosed parking garage, secured entry, a gated pool, a fitness center, recreation room, and onsite laundry. The spacious units offer excellent floor plans, walk-in closets, and patios or balconies.
Priscilla Nee of CBRE represented the buyer, a local investor, and the seller, a private trust, in the transaction.
“We scheduled approximately 25 tours within the first two weeks of launch and drove over 15 extremely favorable offers,” said Nee. “The property ended up selling $1.1 mil over the asking price. The buyer was ultimately attracted to the prime location and competitive rents. The Los Feliz submarket’s high barrier to entry made this a one-of-a-kind, highly sought-after investment and opportunity.”
Multifamily asset acquisitions in the U.S. reached $48.3 bil in Q3 2018, up 14.2% year-over-year, the highest total since Q4 2015, according to CBRE research. Los Angeles remains among the top three metros for multifamily completions, accounting for 27% of the nationwide total through the third quarter. In terms of investment activity, L.A. alone boasts a staggering $2.5 bil.
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