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6/04/18
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An eight-unit apartment property in West Hollywood sold for $3.13 mil, or $391k/unit. The property is located at 141 N. Swall Dr, just three blocks from Beverly Hills.
Built in 1929, the two-story building includes four one-bedroom units and four two-bedroom units with recently remodeled kitchens. It also features a lush back patio and original hardwood floors in every unit. The asset is ideally located just south of Beverly Blvd and west of Robertson Blvd, a short walk to an array of retail, entertainment, and restaurant amenities.
Bryan Glenn with Charles Dunn Company represented the seller, a Los Angeles-based corporate trustee. The buyer, a Beverly Hills-based private investor who was in a 1031 exchange, was repped by Tanel Harunzade, also with Charles Dunn. The deal had a cap rate of 3.4%.
“West Hollywood is one of the most coveted submarkets in Los Angeles for renters, which subsequently creates a strong investor demand,” said Glenn. “We had a number of offers on this well-maintained property and selected an ideal buyer that plans on adding significant value through lease up of one vacant unit and making upgrades to the unit interiors to better match the preferences of area renters.”
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