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8/16/18
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Tierra Properties paid $3.3 mil for a 10-unit ($330k/unit) apartment property in West Hollywood. The asset was sold by a Los Angeles-based private investor.
Built in 1963, the two-story building is located at 1131 N. Fuller Ave, in a prime West Hollywood location just north of Santa Monica Blvd, south of Fountain Ave and west of La Brea Ave. It is directly behind Plummer Park and is just steps to Trader Joe’s and Smart & Final and is a short walk to a wide array of retail and dining amenities including Target, Best Buy, and Starbucks Coffee, among others. The property features six one-bedroom units and four two bedroom units, and gated underground parking.
Ramin Gheitanchi and Michael Monempour with Charles Dunn Company represented both parties in the transaction. The property sold at a cap rate of 3.6%.
“This property garnered more than five offers over the course of six weeks and was attractive to buyers as it both has a rental upside in upgrading select units and it is not subject to the City of Los Angeles’ soft-story retrofit program,” said Monempour. The buyer owns many properties in the area and plans a long-term hold.
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