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12/08/16
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Keystone Manor, a nine-unit apartment complex in the Palms area of West L.A., sold for $3.95 mil, or about $438k/unit. We’re told that the price of $503/sf set a new record high on a price per square foot basis for non-rent controlled apartment buildings in the Palms community of Los Angeles.
Keystone Manor, located at 3321 Keystone Ave, is a two-story, 7.9k sf project built in 1988. It offers a unit mix consisting of both one- and two-bedroom apartment homes.
The property is situated in a prime Palms area located just south of Rose and east of Overland Ave. At the time of the sale, the building was 100% occupied.
The vacancy in Palms for apartment units of similar size is extremely low due to rental market demand, which has contributed to escalating rents and outstanding sales prices.
Kevin Kawaoka with NAI Capital represented the seller, Almanza Trust, in the transaction. The buyer was N&G Investments. According to Kawaoka, the seller had this property in their portfolio over 10 years. The listing generated multiple offers and the property sold for $100k above asking price.
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