Cresta Expands Portfolio with Beverly Hills Buy
- Mar 22, 2017
Los Angeles—Cresta Properties has acquired a 45-unit multifamily property from a private seller for $3.5 million. The Royal Palm, located at 320 N. Palm Drive in Beverly Hills, Calif., was 100 percent occupied at the time of closing.
Common amenities include a resort-style rooftop pool and deck, garden terrace and a gated 60-space underground parking. Situated on land subject to a 44-year ground lease near the intersection of N. Doheny Drive and Burton Way, the four-story property is minutes away from the Golden Triangle shopping district and has easy access to I-10 and I-405.
“This is a generational asset in one of the most coveted ZIP codes in the world,” David Abaian, acquisition manager at Cresta Properties, said. “This was a rare opportunity to acquire a quality Class A asset in a high-barrier-to-entry market like Beverly Hills, where similar fee simple assets are going for as much as $650,000 per unit. Given that Beverly Hills has experienced an annual appreciation of 5 percent over the past 16 years, this is a very attractive long-term investment for Cresta.”
Cresta has recently closed on a 49-unit apartment complex in Los Angeles’ Koreatown and acquired 144-unit and 208-unit garden-style apartment communities in Dallas, as part of its plans to invest up to $400 million over the next 24 months for opportunistic investments in multifamily and commercial properties. The firm is also developing a 770-bed student housing facility in Dallas.
Image courtesy of Cresta Properties