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2/18/21
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An eight-unit apartment complex in Venice sold for $2.6 mil, or $325k/unit. The buyer was AIMCAP Corp.
The property, located at 724 and 728 Machado Dr, consists of twin sister buildings with a mix of both one- and two-bedroom units. Built in 1947, the buildings sit on a 3.9k sf lot zoned C-2 with surface parking spaces in the rear. The property is in a great Silicon Beach neighborhood location next door to a Whole Foods and within walking distance to restaurants, bars, parks, retail shops, and Venice Beach.
The apartments have a Walk Score of 86, Bike Score of 94 and Transit Score of 53. The property also has excellent proximity to public transportation and freeway access. The apartments are located just off Lincoln Blvd, which is part of California State Route 1 (Pacific Coast Highway), making it a major route to go along the Pacific Coast in Los Angeles.
Kevin Kawaoka, CCIM, with NAI Capital Commercial’s Multifamily Services Group represented the seller, a family trust, in the transaction.
This was an opportunity to invest in a prime Silicon Beach market area with tons of rental upside,” commented Kawaoka. “During this pandemic we are seeing a flight to quality and well located assets will remain resilient under challenging circumstances - as evidenced by all tenants in this property paying the landlord their rent through COVID-19.”
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