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6/30/14
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An unnamed private investor paid $3.9 mil for the G6 Apartments, a five-unit, 25-bedroom student housing property one block from the University of Southern California’s (USC) main campus in Los Angeles. The price equates to $780k/unit and $156k/bed.
Built in 2009 and located at 1188 W. 36th Place in Los Angeles, the property is a short walk or bike ride from USC and approximately two miles from LA Live!, the Staples Center and Downtown Los Angeles.
The G6 Apartments amenity package includes gated parking spaces, a furnished living area, onsite laundry facilities and storage space. Interiors feature spacious living and kitchen areas, granite countertops, stainless-steel appliances, dark-wood cabinetry, hardwood flooring, modern plumbing fixtures, recessed lighting, large windows, and central air conditioning. Select units have loft-style ceilings.
Ron Harris, executive vice president investments, Paul Darrow, senior associate and Michael DiSimone, senior associate, all in Marcus & Millichap’s Los Angeles office, represented the seller, G6 Apartments LLC. The buyer is a private investor.
“G6 apartments is a recently constructed boutique student housing community that was created on a small scale to provide students with a quiet living environment,” says Harris. “The property consistently maintains full occupancy at near top-of-the-market rents and is poised to produce strong cash flows and returns for the new owner in both the near and long term.”
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