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12/22/20
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Two multifamily properties in Los Angeles sold in separate deals that totaled about $20.5 mil. The assets have a combined 63 units.
In the larger deal, a 35-unit community at 7941 Selma Ave sold for $13.6 mil ($388.5k/unit). Built in 1957, the property was sold by a family member of the original developer. The property provided the buyer an extremely rare opportunity to acquire a mid-sized asset on the border of West Hollywood, in a micro-market of Los Angeles where assets of any size rarely become available for sale. The cap rate at closing was 2.87 percent.
The other deal was for a 28-unit community constructed in 1964 and located at 950 South Andrews Place that sold for $6.895 mil ($246.3k/unit). The seller owned the property for more than a decade and had completed modest renovations to the unit interiors and common areas over the years. The deal closed at a 3.94% cap rate.
Bryan Schellinger and Steven Goldstein with NorthMarq Capital represented the seller in the transactions.
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