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11/21/14
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Unison Investment Company LLC purchased a 33-unit, non-rent controlled multifamily property in the Echo Park neighborhood of Los Angeles. The property, which was 95% occupied at the time of sale, fetched $8.11 mil ($246k/unit). The closing cap rate was 4.7 percent.
Built in 2008, the three-story luxury apartment property is located at 1154 Bellevue Ave, just west of Sunset Blvd. The property consists of a mix of studio and one-bedroom units that include balconies or patios, granite bathroom counter tops, crown molding, hardwood laminate floors, and walk-in closets. Common area amenities include a courtyard, laundry facilities, gated entry and 45 subterranean parking spaces.
Michel Hibbert of Charles Dunn Company represented seller, Bellevue Development Ventures, LLC from Los Angeles. The Arcadia-based buyer was repped by John Chu of New Life Properties.
“The asset offered the buyer a non-rent controlled property near Downtown Los Angeles,” said Hibbert. “This transaction was part of a 1031 exchange and the buyer plans on holding this stabilized investment property for the long-term.” Hibbert added that Echo Park is an area that is attracting successful professionals in many different professions which has led to a rapid rise in rents and appreciation of properties in the market.
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