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10/28/15
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Palisades Apartments, a 28-unit apartment building situated within walking distance of the University of Southern California (USC) campus, sold for $12.6 mil ($450k/unit). The property, located at 1210 – 1226 W. Adams Blvd, south of I-10 and west of the 110 Fwy, was purchased by Orchard Adams LLC.
Built in 2002, Palisades Apartments was 100 percent occupied at the time of sale. It features spacious units, gated parking and furnished rooftop decks.
CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, Palisades USC LLC. The transaction closed at a 5.1% cap rate.
“The USC submarket is experiencing tremendous demand for off-campus housing near the school,” said Ms. Lustig-Bower. “With continued enrollment growth at USC and limited on-campus housing options, Palisades Apartments is a well-positioned real estate investment.”
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