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1/12/21
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A private investor picked up an 18-unit multifamily property in Culver City for $7.7 mil, or $428k/unit. Located at 9646 Lucerne Ave, the 18.5k sf property – Casa Bonita -- was originally built in 1974 on a 0.47-acre lot.
The units at the community have an average size of approximately 1k sf. The property is within walking distance of Culver City Park and is one mile from I-10, a major freeway that connects Culver City to the rest of Los Angeles. The residential community is walking distance to a great variety of amenities as well as to major employers, including several tech and media giants.
CBRE’s Priscilla Nee represented the buyer and the seller in the transaction. According to Nee, the listing was viewed as a value-add opportunity and generated multiple offers.
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