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4/12/18
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A private investor paid just over $3 mil for The Durango Apartments, a two-story, seven-unit ($428.5k/unit) multifamily building in the Palms area of West Los Angeles. This was an uncommon sale as the property was delivered fully vacant.
The property is located at 3108 S. Durango Ave, west of Robertson Blvd and north of National Blvd. Close to the Expo light rail line and the 10 Fwy, it offers easy access to transportation to downtown Los Angeles, Santa Monica and the beach.
Built in 1962, the property consists of three three-bedroom units and four two-bedroom units. The buyer plans to do a complete renovation of the property that will incorporate high-end finishes and attention to detail to attract residents looking to live and work in the Culver City area. The property is less than one mile north of the popular downtown Culver City area.
Kimberly Stepp and Mark Ventre with Stepp Commercial represented the buyer, Warner Estates LLC, and the seller, a local private investor.
“This asset is within a submarket that has been transforming over the past few years as more residents get priced out of downtown Culver City and are still seeking luxury, yet slightly more affordable rental options,” said Ventre.
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