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March 28, 2024
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SOUTHERN CALIFORNIA NEWS
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Beverly Hills Apartment Building Trades at $475k/Unit

8/22/18

A private investor paid $2.85 mil for a six-unit ($475k/unit) multifamily property in Beverly Hills. The property was sold by a family trust.

The property is located at 226 S Gale Dr, in a central Beverly Hills location – steps away from Restaurant Row and the metro station located at the corner of La Cienega Ave and Wilshire Blvd. Constructed in 1956, the two-story structure is comprised of one-, two- and three-bedroom plus den units. At the time of the sale the apartment complex was 100% occupied.

Kevin Kawaoka, CCIM with NAI Capital represented the seller in the deal, which worked out to $528/sf.

“The sale price, on a square foot basis, was the highest for Beverly Hills, 90211 this year,” noted Kawaoka. “This investment represented a tremendous upside in rent for the new owner with rents 60% below market. The cap rate was 2.5%.”





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