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12/07/16
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A Beverly Hills-based private family trust recently purchased two adjacent 1920’s Beverly Hills apartment communities, totaling 10 units, in a $5.66 mil transaction. The deal works out to a price of $566k/unit and a cap rate of 1.8%.
From what we understand, the buying entity is made up of family members from the Charles David shoe company. The seller was a third generation owner who had owned the property since 1966.
The buildings are located at 201 and 203 South Arnaz Dr, a block south of Wilshire Blvd and a block east of Roberston Blvd. Partly because the properties had been under the same ownership for decades, the existing rental rates had not kept up with market rents. However, the buyer intends to invest additional capital into the properties to enhance the value where possible.
David Weinberger and Rich Johns with KW Commercial represented the seller in the transaction. The duo notes that there are very few buildings that trade hands in Beverly Hills and, once investors own here, they rarely sell and will typically pass the asset down to multiple family generations.
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