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9/04/20
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Los Angeles-based Bold Partners paid $3.025 mil for an eight-unit ($378k/unit), value-add apartment property property in West Hollywood. The asset, located at 1237 N. Orange Grove, just east of Fairfax Ave between Santa Monica and Sunset Blvds.
Built in 1926, the two-story Spanish style property consists entirely of large one-bedroom/one-bathroom units. They all feature hardwood flooring, large windows with ample natural light, modernized kitchens and baths with custom tile, recessed lighting and designer fixtures. The property also includes seven parking spaces, on-site laundry, and community courtyard patio with seating.
Tenants have easy access to a number of trendy restaurants and shops on Santa Monica Blvd and the Sunset Strip. Additionally, it is just a 15-minute walk to many famous shopping and restaurants on the trendy Melrose Ave.
Kimberly R. Stepp of Stepp Commercial represented the buyer and the seller, a Los Angeles-based private investor. The property closed at a cap rate of 4.4%.
“This property features unique vintage architecture in a prime WeHo location,” said Stepp. “It also provides the new ownership with an ideal opportunity to add value by renovating the units to achieve stronger rents, as well as leasing up the three units that were vacant at close of escrow.”
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