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5/22/20
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A 1031 exchange investor purchased Laurel Towers, a 20-unit apartment complex in Studio City, for $7.9 mil ($395k/unit). The apartment community is located at 12100 Valley Spring Lane, one block from Ventura Blvd at Ventura Place, in the southeastern San Fernando Valley.
The 20.4k sf, three-story apartment community was originally built in 1965 and features large apartments, central air, a central courtyard and gated covered parking. The seller completed a number of upgrades during the three-year ownership, including earthquake retrofit and unit and common area renovations.
Laurel Towers is situated in a prime retail hub that features dozens of upscale amenities and is in proximity to major television and film studios, including CBS, Warner Brothers, Nickelodeon and Universal. The property is less than one-half mile from U.S. 101, has corner exposure adjacent to single family homes and boasts a walk score of 95.
Melinda Russell of CBRE, in partnership with Marcus & Millichap, represented the buyer and the seller, a private investment company, in the transaction.
“Studio City is one of the most sought-after Los Angeles markets for investors due to its strong relationship with the entertainment industry, top private schools, freeway accessibility to all major employment hubs and surrounding amenities with new commercial re-development underway,” said Russell. “Very rarely does a multifamily asset come available in this market, especially rare is being walking distance to Ventura Boulevard.”
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