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5/03/17
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A 31-unit, 1920s vintage apartment community at the western edge of LA’s Silver Lake area sold for $9.65 mil, or about $311k/unit. The property, located at 831 Sanborn Ave, south of Santa Monica Blvd on the east side of Hoover St, was purchased by a well-capitalized private investor as their upleg in a 1031 tax deferred exchange.
The property was sold by a private investor, who had just completed a dramatic renovation of all 31 units and the property’s common spaces during 2015 to 2016. The renovations include a new courtyard, three large living wall gardens and laundry facilities. The property was delivered fully occupied with newly signed leases.
Rich Johns with KW Commercial represented the seller in the transaction.
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