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5/26/16
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A locally-based private investor paid $3.08 mil for a 19-unit ($162k/unit) apartment property in Inglewood, in an off-market transaction. The transaction closed at a 4.08 percent cap rate.
Built in 1960, the property is located at 816 Victor Ave, east of La Cienega Blvd and south of Centinela Ave. It includes nine one-bedroom units, seven two-bedroom units, one three-bedroom unit and two studio units.
Robert Stepp and Mark Witsken of Stepp Commercial represented the in the deal. The seller, Lunar Bear Victor LLC, was repped by Matt Pernice of NW Real Estate Brokers.
“The buyer owns several other assets in the city of Inglewood and plans to completely renovate the property, bring rents to market value, and hold long term,” said Stepp. “The owner of this property will benefit from the billions of dollars of capital that is expected to be invested into the Inglewood area over the next several years. As the LA Rams Stadium and surrounding infrastructure are built up, the residential market is anticipated to thrive as well.”
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