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7/12/19
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An OC-based private investor paid $3.29 mil for Ocean Park Gardens, a seven-unit ($470k/unit) apartment property located on the Westside of Los Angeles. The deal had a closing cap rate of 3.7% and a price per square foot of $590.
Located at 11824 Ocean Park Blvd, east of Bundy Dr and south of I-10, the property includes one three-bedroom house that was built in 1949 as well as a six-unit apartment building built in 1959 that includes four one-bedroom units and two two-bedroom units. The property features spacious floorplans, private balconies and patios, and zen gardens and sitting areas.
The seller was a Los Angeles-based private investor. Mark Ventre of Stepp Commercial repped the buyer in the transaction. According to Ventre, the property offered the buyer the opportunity to immediately add value by renovating the two vacant units and continue to update others as vacancies occur.
Ventre also indicated that this prime location has been experiencing even more demand and subsequently capital investment and new construction with the 2016 expansion of the Expo Line from Downtown Los Angeles to Downtown Santa Monica. He added that there are several major recently built and upcoming institutional assets within a short walk to nearby Pico Blvd. In addition to the attractive transit options for renters, the property is also convenient to the 10 and 405 freeways.
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