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9/22/15
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In a recent Los Angeles multifamily comp, Palisades Apartments, a four-story, 28-unit, property within walking distance to University of Southern California (USC), sold for $12.6 mil ($450k/unit). The transaction closed at a 5.1% cap rate.
Built in 2002, Palisades Apartments is located at 1210 and 1226 W. Adams Blvd, south of I-10 and west of Hoover St, near the USC campus. The two-building, non-rent- controlled property includes a mix of unit sizes, with the majority being two- and three-bedroom units. The property, situated within the USC Public Safety patrol area, includes ample controlled-access parking, onsite laundry facilities and furnished rooftop decks.
Avison Young Associate Robert Ip represented the buyer, Orchard Adams LLC. The seller, Palisades USC LLC, was repped by CBRE.
“This property offered the buyer excellent investment fundamentals, including non-rent control, newer construction and proximity to USC, which provides a constant flow of potential tenants,” comments Ip. “The new ownership plans to make updates to the units in order to maximize rents and add overall value to the asset.”
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