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8/21/15
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A 28-unit apartment building in West Los Angeles sold for $10.25 mil, or about $366k/unit. The asset is located at 1309 Amherst Ave, one block from Brentwood.
Built in 1972, the two-story apartment building is on 0.5 acres at the southwest corner of Amherst Ave and Texas Ave in a quiet residential area between Wilshire Blvd and Santa Monica Blvd. The location is adjacent to the epicenter of Los Angeles’s tech and startup community and approximately 25 msf of office space. The 26.2k sf property is minutes from Montana Avenue, Santa Monica Place, Third Street Promenade and Westwood. Access to major thoroughfares such as interstates 10 and 405 is nearby.
The unit mix consists of one studio, 14 one-bedroom/one-bath units and 13 two-bedroom/two-bath apartments. Community amenities include controlled access, 49 semi-subterranean parking spaces, a courtyard, a bicycle storage area, and on-site laundry facilities. Apartment interiors feature gas fireplaces, ceiling fans in the kitchen areas, walk-in closets, and private balconies.
Ron Harris, executive vice president investments, Paul Darrow, vice president investments, and Michael DiSimone, senior associate, all in Marcus & Millichap’s Los Angeles office, represented the buyer and the seller in the transaction.
“On the market for the first time in more than 30 years, 1309 Amherst attracted a substantial amount of interest from multifamily property investors,” says Harris. “The property is perfectly suited for a comprehensive renovation that will allow the new owner to achieve a significant cash flow increase.”
“The Westside submarket of Los Angeles market maintains some of the lowest vacancies and highest rents in all of Southern California,” adds Darrow. “The area features superb demographics and is expected to capture consistent growth in the coming years.”
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