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May 19, 2022
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LaTerra Buys 42-Unit Multifamily Property in West Hollywood


LaTerra has purchased Terraces at La Cienega, a 42-unit apartment property located just steps from the world-famous Sunset Strip in West Hollywood. The price was not given out.

The property was sold by the original builder of the property back in 1990. The building is exempt from West Hollywood rent control but subject to the AB1482 tenant protection act.

LaTerra plans to capitalize on the property’s desirable location by upgrading the asset’s exterior, common areas, and interior with luxury finishes. They also intend to build 10 accessory dwelling units (ADUs) as part of AB3182, which was created to help alleviate the housing crisis by giving owners the opportunity to add 25% of the existing density to properties.

Paul Darrow of Marcus & Millichap, and IPA’s Greg Harris, Kevin Green, and Joe Grabiec represented the seller and procured the buyer in the transaction.

“There are only six other buildings of this size and vintage that even exist in West Hollywood, let alone come to market, and this building was best of the best regarding location,” commented Darrow. “As a result, the deal attracted interest from some ultra-high net worth families, foreign investors, 1031 exchange buyers, institutional investors, and developers, including the winning buyer, LaTerra, which was backed by institutional capital.”

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