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March 21, 2019
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SOUTHERN CALIFORNIA NEWS
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Investors Trade Apartment Property in LA’s Palms Neighborhood for $288k/Unit

12/20/18

The Regent Apartments, a 33-unit apartment property in the Palms neighborhood of Los Angeles, traded for $9.5 mil, or $288k/unit, after the listing attracted over a dozen offers. The property features a unit mix of 12 studios, 18 one-bedroom/one-bath units and three two-bedroom/two-bath units.

Located at 9404 Regent St, The Regent Apartments is a short walk to the Palms Station Metro Line and the Culver City Metro Station. It has a walkscore of 94, owing to its proximity to downtown Culver City, where revitalization continues to generate ever more tech and media job opportunities and a growing list of amenities.

In the deal, Lee & Associates’ Ryan O’Connor represented the buyer and seller, both private investors.

“This listing benefited from so many factors it was not surprising that we generated so many offers,” said O’Connor. “In addition to its transit-oriented location, proximity to a growing tech hub with expanding employment opportunities and walkable amenities, the property offered a rent upside of more than 30 percent.”

As rental rates continue to skyrocket in Santa Monica and other beach cities, tech companies are turning to Culver City for more affordable alternatives, bringing with them increased housing demand. Amazon is expected to lease more than 600k sf in two new projects, the redeveloped Culver Studios and Culver Steps. Apple is expected to take over the entire 128k sf 8777 Washington Blvd building now under construction and another 85k sf at 5500 Jefferson Blvd. Apple has said it expects to have more than 1,000 employees in Culver City in the next three years.

In all, more than 3 msf of new office and residential developments are underway in the submarket.





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