Los Angeles—NAI Capital’s Multifamily Services Group announced their sale of The Olympic Residential Hotel, a four-story, 172 micro-apartment unit building that was originally used in the 1920s as a hotel, and converted into residential apartments in 2013. The transaction totaled $12 million, or $69,364 per unit.
Located at 725 S. Westlake Avenue, the property houses a grand lobby entrance, elevator, reinforced brick construction and 5,000 square feet of ground level retail space. Vice Presidents of NAI Capital Ziv Kozaski and Michael Dixon represented the seller of the property, Olympic Hotel LLC. James Tuggle, a private investor, purchased the property.
According to Dixon, the seller had owned the property for 16 years, stating that the downtown market is one of the most desirable for apartment investment.
“Los Angeles is facing a devastating housing affordability crisis. The strong demand for housing has prompted investors (and tenants) to look to micro-apartments as one potential solution in the market place,” Kozaski told Multi-Housing News. “Investors in this property class are looking to supply a need for affordable housing.”
Image courtesy of NAI Capital