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8/26/19
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A brand new, 18-unit multifamily development in Westchester sold for $10.35 mil, or $575k/unit. The property, located at 6908 Knowlton Place, between La Tijera and La Cienega Blvds, was sold by the developer, TJC Real Estate Fund. It was designed by Southern California Architects.
The three-story building offers a unit mix of 12 three-bedroom/2.5-bath apartments and six two-bedroom/2.5 bath apartments with an average size of roughly 1.3k sf. We’re told that the just completed, non-rent-controlled development is already more than 50% leased.
Units at the project include a balcony, in-unit washer/dryer, stainless appliances, microwave, refrigerator, dishwasher and two parking spaces. Property amenities include secured parking, a community room, courtyard, gym, bicycle parking and roof-top common areas with seating and grills.
The building is located less than a mile from the under-construction Crenshaw Metro Light Rail stop and LAX, and is a short ride to the Rams' City of Champions stadium development, currently under construction.
Dario Svidler and Lee Mintz with Compass Commercial represented the seller in the deal. Edmond Bina with KW Commercial Hollywood Hills repped the buyer.
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