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11/21/19
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A newly built, 10-unit multifamily building in the Westside Los Angeles neighborhood of Palms has sold for $7.5 mil, or $750k per unit. It was acquired by a private investor in an off-market transaction.
The property is located at 3667 Mentone, north of Venice Blvd and east of Overland Ave. John Swartz and Josh Kaplan with Transwestern Commercial Services represented the buyer in the deal.
“The sale of 3667 Mentone highlights investor demand for new, stabilized, turnkey multifamily assets in well-located areas,” said Swartz. “The property leased up to 90% occupancy within 45 days of availability at premium market rents, and the fact that there were multiple applicants for each unit demonstrates there is still upside.”
The Los Angeles apartment market remains healthy with historically high occupancy rates and solid rent growth. At mid-year, average asking rents increased to $2,226 per month, a 3.2% year-over-year increase, while total occupancy held steady at 96.4%, according to Yardi Matrix.
Swartz said, “The supply-constrained Westside continues to see some of the highest average apartment rents in Southern California due to its concentration of growing employment clusters such as tech and entertainment/media, as well as its high quality of life and proximity to world-renowned points of interest.”
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