West Hollywood Community Trades in All-Cash Deal
- Oct 11, 2018
Hayworth-Norton Apartments, a 24-unit community in West Hollywood, Calif., has traded for $8.3 million, or $429 per square foot in an all-cash deal. CBRE represented the seller, Newport Beach-based Burchett Partners, as well as the buyer, a private investor.
Located at 1122 N. Hayworth Ave. and 7928 Norton Ave., the community is near Santa Monica Boulevard, around 9 miles from downtown Los Angeles. In addition, the property is close to many dining, shopping and entertainment options, such as Sunset Laura Plaza and West Hollywood Gateway shopping centers. Constructed in 1960, the two-building, 19,354-square-foot building comprises a mix of one- and two-bedroom units. Communal area amenities include laundry facilities and gated parking spaces. Additionally, the units were updated with new floors, kitchen cabinetry and appliances and bathrooms.
“As units turn, the new ownership has the opportunity to increase rents, as they are currently 50 percent below market value, and further raise rental income by completing unit renovations,” said Priscilla Nee, senior vice president at CBRE, in prepared remarks.
In September, the brokerage firm also arranged the sale of Environs, a 318-unit community in Westminster, Colo., for $82 million.
Image courtesy of CBRE