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November 20, 2019
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MULTIFAMILY NEWS
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Apartment Building in West Hollywood Sells for $488k/Unit

4/15/19

A four-unit apartment building in West Hollywood has sold for $1.95 mil ($487.5k/Unit), or $561/sf. The property, located at 8904 Rangely Ave, was acquired by Rangely Partners LLC, a Los Angeles area real estate investor.

The apartment building is part of the Norma Triangle neighborhood, an upscale residential area with nearby restaurants, shopping, and nightclubs.The property included a large owner’s unit.

Michael Monempour with Kidder Mathews represented the buyer and the seller, a private investor. According to Monempour, the property’s rents were roughly 16% below market rent, much closer to market value than most rent-controlled apartment sales in West Hollywood.





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