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4/16/20
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Private investors have acquired two multifamily properties with a combined 29 units in L.A.’s Palms neighborhood in separate deals totaling $9.565 mil. Both properties had been owned by the seller for over 30 years and are considered value-add opportunities.
The larger property, with 20 units, is located at 3655 Westwood Blvd, just north of Venice Blvd. It sold for $6.065 mil ($303.3k/unit). The other property has nine units and is located at 3676 Mentone Ave, also just north of Venice Blvd, a few blocks east of the first property. That asset traded for $3.5 mil, or $388.9k/unit.
Paul Darrow, Kevin Green, Joseph Grabiec and Greg Harris with THG Multifamily of Marcus & Millichap represented the seller, a private investor. According to Green, the region’s growth, combined with the un-renovated unit interiors and long-term family ownership, made these properties a highly sought-after purchase.
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