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10/25/21
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An LA-based private investor paid $6.1 mil for a 26-unit apartment property in Hawthorne. The property, located at 13520 Lemoli Ave, traded at a 4.5% cap rate and a price per unit of just under $235k.
Built in the 1970s, 13520 Lemoli Avenue offers residents secure gated pedestrian and vehicle entries into its two buildings and features a mix of 19 one-bedroom units, five two-bedroom units, and two three-bedroom units.
The Hawthorne submarket is an expanding area of the South Bay, providing strong employment growth with companies such as SpaceX and Ring (recently bought by Amazon), along with the brand new Rams (SoFi) NFL Stadium just miles away in neighboring Inglewood.
Robert Stepp and Todd Hawke of Stepp Commercial, along with Josh Cohen of The Cohen Group, represented the seller, also a Los Angeles-based private investor. Todd Hawke also represented the buyer in the deal.
“This very clean, sizable property offered the experienced buyer the opportunity to add value via renovation and by bringing rents to market rates once leases expire,” said Stepp. “Additionally, with a thriving multifamily rental market in Hawthorne, the buyer saw this as a stable investment for a long-term hold.”
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