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7/10/17
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Greenwich West Apartments, a 40-unit apartment building in Downtown Los Angeles’ Westlake District, traded for $5.3 mil, or $134k/unit. The buyer was RPM Investments.
Greenwich West Apartments contains 33 studio apartments, four one-bedroom units and three bachelor units. The four-story brick building was constructed in 1924 and renovated in 2007.
The property is located at 711 South Rampart Blvd, just west of Downtown in a desirable area along Rampart, east of Hoover St, and south of 7th St. The property was 100% occupied at the time of the sale.
Ziv Kozaski and Michael Dixon with NAI Capital represented the buyer and the seller, 711 S. Rampart LLC, in the deal.
Kozaski said, “The Greenwich West Apartments are located in the very densely populated Westlake District. The size of the units works well for this market area, which has a low inventory and rising rents. The new buyer expects to have little to no vacancy in the foreseeable future and tremendous upside potential due to its location.”
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