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8/22/18
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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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