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10/11/18
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A 24-unit apartment complex in West Hollywood was acquired by a private investor for $8.3 mil, or $346k/unit, in an all-cash deal. The property was sold by Newport Beach-based Burchett Partners LLC.
Located at 1122 North Hayworth Ave and 7928 Norton Ave, the two-story building totals 19.4k sf with 16 one-bedroom/one-bath units and eight two-bedroom/two-bath apartments. The property, which was completed in 1960, features two on-site laundry facilities and gated parking. Several units have been extensively updated with new floors, kitchen cabinetry and appliances, and bathrooms.
This was the final transaction in a five-property portfolio sale that also included sites in such areas as West Hollywood, Glendale, and Covina. Priscilla Nee and John Montakab with CBRE represented the buyer and the seller in the transaction. As units turn, the new ownership has the opportunity to increase rents, as they are currently 50% below market value, and further raise rental income by completing unit renovations, noted Nee.
The multifamily sector in the Greater Los Angeles area has been strong. The area’s MSA has low vacancy rates that range from a 3.6% in the Inland Empire to 4.2% in Orange County, according to CBRE research. In terms of investment activity, L.A. alone boasts a staggering $2.5 bil.
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