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4/27/18
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LA-based Pacific Crest Realty (PCR) purchased a 24-unit apartment building in LA’s Silver Lake area for $6.95 mil ($290k/unit). Built in 1913, the building is located three doors up from Sunset Junction, where Santa Monica and Sunset Boulevards meet Sanborn Avenue.
The building offers a unit mix of studios and one-bedroom apartment homes, along with 30 parking spots. PCR plans to renovate the exterior and interior common areas of this building to give it a “boutique hotel style” aesthetic.
The property is walking distance to artisanal coffee shops, a very popular farmers’ market and a number of popular restaurants. The Silver Lake area was named by Forbes.com as the “Hippest Neighborhood of Los Angeles”.
According to Daniel Tenenbaum, PCR’s founding principal, renters are looking for convenience and walkability of neighborhoods, which puts this property in a fantastic location. PCR believes the esthetic of their planned renovation will attract renters who want convenient access to what this area has to offer.
Henry Garcia of KW Commercial represented both the buyer and seller in this transaction.
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