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5/15/20
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The Abbott, a fully occupied six-unit apartment property in Los Angeles’ Highland Park neighborhood, was purchased by a Los Angeles-based private investor for $2.375 mil, or $396k/unit. The property is located at 400 N Avenue 54, on the northwest side of the 110 Fwy.
The Abbott was sold by Dunleer, who acquired the asset approximately three and a half years ago. Over that time, the firm executed a complete interior and exterior transformation of the asset. All apartment interiors now feature stone counters, stainless-steel appliances, upgraded flooring and a new washer and dryer, among other numerous upgrades and curated details.
The Abbott is a short walk to Figueroa Street, Highland Park’s vibrant main retail corridor with a wide array of amenities including coffee shops, boutiques, bars and restaurants. The Abbott is also a few blocks from the Metro Gold Line stop which offers quick access to downtown L.A. and Pasadena.
BJ Turner, Founder of Dunleer, admitted that completing an apartment sale during the COVID-19 pandemic brought on some additional transactional challenges. However, based on the turnkey nature and prime location of the asset, the buyer saw long-term value and moved forward with the acquisition.
Han Widjaja Chen and Justin McCardle of Growth Investment Group represented both the buyer and seller in the transaction.
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