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7/08/15
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In a recent multifamily sales comp out of Beverly Hills, a two-building, 22-unit property sold for $10.1 mil, or about $459k/unit and $803/sf, in a deal said to be the highest price per square foot recorded in the 90210 zip code so far this year. The property is located at 444 and 446 North Oakhurst Dr, north of Beverly Blvd in the city’s desirable Golden Triangle area.
The building at 446 North Oakhurst Drive features eight bachelor units and eight studios. The 444 North Oakhurst Drive building has four one-bedroom apartments and two two-bedroom units. Both buildings feature courtyards, on-site laundry and parking.
The two apartment buildings are situated on 15k sf on a quiet residential street just southwest of the intersection of Doheny Dr and Santa Monica Blvd, in one of the country’s wealthiest zip codes, 90210. Many cultural, entertainment and shopping destinations on Melrose Ave, Santa Monica Blvd and Sunset Blvd are nearby.
Tony Azzi, senior vice president investments, and Rabbie Banafsheha, both in Marcus & Millichap’s West Los Angeles office, represented the seller, 6401 Wilshire Blvd LLC. The buyer is Oakhurst Development LLC.
“The two buildings have beautiful, traditional architecture and an irreplaceable location,” says Azzi. “These qualities, plus the large double lot and the upside potential in rents fueled intense interest from investors from throughout the multifamily property investment community. Investors are willing to stretch their budgets right now to acquire multifamily assets in ‘A’ locations,” Azzi continues. “Uncertainty in the global economy, the low value of the dollar, rising rents, limited multifamily inventory and the security of apartment property investments are combining to create a red-hot market for multifamily properties in top locations.”
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