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8/27/18
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Washington Place Apartments, an eight-unit apartment building in L.A.’s Mar Vista sold for $4.6 mil, or $575k/unit. The asset, located at 11852 Washington Place, is situated between Culver City and Venice, in a region of West Los Angeles that has seen significant investment and development in this current economic cycle.
Built in 1990, the 11.5k sf, three-story building on a .26-acre lot consists of six two-bedroom units and one, one-bedroom unit with luxury amenities that include balconies, wood floors, vaulted ceilings with skylights, stone countertops, and a community backyard. There is also a three-bedroom single-family house on the site. The location is convenient to the 405 and 10 freeways, and LAX.
Kimberly Stepp and Mark Ventre of Stepp Commercial represented the seller, Los Angeles-based Venetian Place LLC, in the transaction. The buyer was Los Angeles-based S.R Properties LLC.
“This turn-key condo-quality, non-rent-control property in its emerging Mar Vista location will prove very attractive to tenants seeking a lower rent price point compared to nearby submarkets, and the buyer will benefit over time with bringing rents to market rates as tenants vacate,” said Stepp.
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