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11/14/16
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We’ve got two Los Angeles multifamily sales to report. The deals total almost $20 mil and were both brokered, in part, by Brent Sprenkle of Berkadia.
In the larger transaction, Westlake Olympic Hotel & Residences, a 172-unit hotel/apartment complex, sold for $12 mil. The property is located at 725 S. Westlake, south of Wilshire Blvd and just east of Alvarado St, a short distance west of LA’s downtown.
The 45k sf property operates as both a hotel and an apartment building. It was fully occupied at the time of sale.
Sprenkle represented the buyer in the sale, which closed on October 25. According to Sprenkle, the acquisition presents an opportunity for the buyer, who plans an extensive, long-term renovation of the property.
“As the Westlake District continues to gentrify, the property will benefit greatly by an increase in lease rates and demand for the 170 micro-units in the property of which some are leased weekly as well as monthly, currently,” Sprenkle commented.
The other sale was for the Royal Carlton, a 40-unit apartment community in Hollywood that sold for $7.9 mil. The 22.5k sf, art-deco building is comprised of studio and one-bedroom units.
The transaction had several challenges that the buyer had to overcome. The first was that, of 40 units, 23 were vacant. The other is that the property, which is a five-story concrete property, is on the city’s list of properties required to be structurally retrofitted.
Sprenkle represented the seller, a local owner, in the deal, which closed on October 19th.
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