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3/05/15
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In Los Angeles’ Miracle Mile area, a 71-unit multifamily property sold for $23.55 mil, or about $332k/unit. The asset is located at 5700 W. Olympic Blvd, west of La Brea Ave.
Built in 1972, the three-story wood-frame and stucco building has recently undergone more than $1.9 mil in renovations, including new copper plumbing, new roof, new double-pane windows, a new barbecue area, pool, and spa. A total of 21 apartments have been completely renovated with new flooring, appliances and in-unit washers and dryers.
The property consists of all 700 sf, one-bedroom/one-bath apartments with abundant closet space, balconies and dishwashers. The building has a secure entryway that leads into the lobby and elevator area. Shared amenities include a fitness center, a new pool and Jacuzzi, trash chutes on each floor, a card-operated laundry facility and 106 parking spaces.
Richard Ringer, first vice president investments in Marcus & Millichap’s West Los Angeles office, represented the seller, an affiliate of Hillstreet Realty. Jeff Benson, vice president investments, also in the firm’s West Los Angeles office, repped the buyer, a private investor.
“The property is an extensively renovated apartment asset located in one of the strongest rental submarkets in Los Angeles, with access to Beverly Hills, Century City, Mid-Wilshire, Downtown and Hollywood,” says Ringer.
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