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8/27/18
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An eight-unit apartment property in the Beverly Grove neighborhood of Los Angeles sold for $3.3 mil, or $412.5k/unit. The property sold at a record low cap rate for the area of 1.99%, and at a price per square foot of $582. Its gross rent multiplier was 25.
Located at 9033 W. 3rd Street, the property is directly across the street from the historic Four Seasons Hotel and is adjacent to Beverly Hills. This is the first time the property has ever been sold since it was developed and acquired in 1956.
Built in 1956, the 5.7k sf property is situated at the signalized corner of Doheny and 3rd St and consists entirely of spacious one-bedroom units. The property is close to a diverse mix of restaurants, art galleries, shopping centers and grocery stores. This property is part of a three-asset Los Angeles apartment portfolio.
Michael Monempour of Charles Dunn Company represented the seller, a Los Angeles-based private investor. The buyer, Los Angeles-based XYZ Rent 11, LLC was repped by Beverly Hills Mint.
“This asset had a considerable amount of investor interest as it is within one of L.A.’s most sought after residential markets that is also experiencing a number of new development projects and influx of capital,” said Monempour. “Additionally, the property offered key value-add components with existing rents well below market rates.”
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