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SOUTHERN CALIFORNIA NEWS
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50-Year-Old Apartment Building in Mar Vista Fetches $300k/Unit

2/21/20

A 41-unit, value-add multifamily asset in the Mar Vista neighborhood of Los Angeles’ affluent Westside region, sold for $12.28 mil, or $299.5k per unit. It was sold by a member of the original builder’s family, who had owned the asset for almost 50 years.

The property is located at 4325 Berryman Ave, north of Culver blvd and west of the 405 Fwy. Built in 1972, the property offers all one-bedroom floorplans in a two-story building situated on 33.9k sf of land.

Paul Darrow and Kevin Green with THG Multifamily of Marcus & Millichap represented the seller in the transaction.

“The property garnered interest from private and institutional investors looking to acquire scale in a market surrounded by Google, Apple, Amazon, and Microsoft,” noted Darrow. “Investors from Los Angeles, New York, and San Francisco surfaced during the marketing campaign as a result of the extremely limited buying opportunities in this high-growth market and the clear opportunity to increase revenue through luxury renovations.”





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