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8/19/20
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An OC-based private client investment partnership spent $5.3 mil on a 20-unit ($265k/unit) multifamily property in Los Angeles’ Mar Vista neighborhood. The property is located at 3906-3910 Inglewood Blvd, between Venice Blvd and Washington Place.
The property contains two separate two-story buildings with mostly one-bedroom/one-bath units. The buildings sit in proximity to a variety of amenities and features enclosed garages, private balconies or patios, and a landscaped courtyard.
CBRE’s Sean Riley represented the buyer in the deal. The seller was a private family dissolving their partnership.
Despite the low level of absorption, the multifamily market held up better than expected in the second quarter, according to CBRE’s latest research. Given the magnitude of the job losses, the rise in vacancies and drop in rents was relatively modest, as federal and state stimulus programs, including enhanced unemployment benefits, helped financially stressed apartment residents make their rent payments. The market should stabilize by the first quarter 2021 and show steady improvement after that.
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