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7/29/19
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A 14-unit apartment property in Los Angeles was acquired by a San Francisco-based investor for $4.44 mil, or $317k/unit. The property is located at 3240 Fay Ave, south of Venice Blvd and west of La Cienega Blvd. It is situated within the Arts District and near downtown Culver City.
Built in 1963, the pride-of-ownership, two-story courtyard-style property includes an advantageous unit mix of six two-bedroom units, four one-bedroom units and four studios. The property features spacious floor plans, private balconies or patios in the majority of units, and 14 gated parking spaces.
Mark Ventre of Stepp Commercial represented both the buyer and the seller, a Los Angeles-based private investor. Ventre points out that the property is in an ideal location blocks from downtown Culver City with all its new developments, entertainment and creative companies including HBO, Amazon and Apple’s new office location that will open early next year.
Ventre commented, “In addition to the coveted location, there were five vacant units when the asset sold, providing the buyer with an immediate opportunity to reposition 30% of the building. Additionally, the buyer plans to make façade and common area upgrades to the living space for a more appealing environment commensurate to the tenant base renting in this area.”
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