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5/01/17
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A 20-unit multifamily complex in West Los Angeles was acquired by a local real estate investor for $6.6 mil, or $330k/unit. The transaction closed at a 2.69% cap rate and a 19.70 gross rent multiplier.
The property, located at 1633 South Bundy Dr, is a three-story complex offering a mix of one-, two- and three-bedroom units. The structure sits on a 15k sf with a total building size of 16.4k sf. The property is within walking distance from the new Bundy Expo line stop, and immediately south of the affluent Brentwood submarket.
CBRE’s Priscilla Nee represented the buyer, Nikal Limited LP. Rob Narchi and Peter James of Marcus & Millichap repped the seller, Kensuke and Sakiko Ogura. According to Nee, the buyer plans to make improvements to the building and stabilize the asset.
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