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3/29/23
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The Coral Tree Apartments, a 31-unit, 35.9k sf apartment complex in the Mar Vista area of Los Angeles, sold for $15.875 mil, or $512k per unit. The property is located at 4225 Inglewood Blvd, just south of Washington Blvd on Los Angeles’ westside.
The complex is subject to the upcoming Measure ULA tax starting April 1. It is comprised of 31 units: 21 two-bedroom/two-bathroom units, nine three-bedroom/three-bathroom units, and one studio unit.
Kevin Kawaoka, CCIM, and Shawn Araghi with NAI Capital Commercial represented both the all-cash buyer, a family trust, and the seller, a private investor, in the transaction. The seller's goal was to sell the apartment complex ahead of the city’s “Mansion Tax”, which goes into effect April 1, saving $873k in taxes on the sale.
According to Kawaoka, the property traded at 99.5% of the listing price. Post-closing, the seller was also able to identify a 1031 exchange upleg property, outside of Los Angeles, within the first week.
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