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8/29/22
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Two adjacent apartment buildings totaling 12 units in Los Angeles were sold for $4.8 mil ($400k/unit). The properties are located at 11307 Isleta St and 217 Church Lane in the Brentwood neighborhood on Los Angeles’ Westside.
The two contiguous lots total just over 10k sf. Both buildings were built in the 1950s and feature mid-century modern architecture. The spacious units include one three-bedroom unit, eight two-bedroom units and three one-bedroom units that feature hardwood floors with upgraded kitchens and bathrooms. The properties include one parking space per unit and laundry facilities.
The portfolio is proximate to hiking trails, parks, and open spaces in the Santa Monica Mountains. Sunset Beach, along with Mastro’s Ocean Club and Gladstone’s, is eight miles west along Sunset Blvd. Just five miles east is world-class shopping and dining along Rodeo Drive and downtown Beverly Hills as well as a plethora of nightlife entertainment along the famous Sunset Strip in West Hollywood.
Kimberly Stepp with Stepp Commercial represented the buyer and the seller, both Los Angeles-based private investors. The cap rate was 3.2% and the gross rent multiplier (GRM) was 18.
“This portfolio is within the micro-submarket of Brentwood called Brentwood Glen and is extremely sought after from investors,” said Stepp. “Prior to this transaction, over the past ten years, only three apartment buildings have traded within Brentwood Glen.”
Stepp added, “This property currently has rents 46% below market rates and offers the buyer the opportunity to add value via student housing as UCLA is just minutes away.”
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