CA Property Sells for $16M

Avison Young has arranged the sale of the 28-unit property located in Culver City, approximately 10 miles from downtown Los Angeles.
The Culver

Mapleton Culver City LLC has acquired The Culver, a luxury community in Culver City, Calif., for $15.7 million. Avison Young brokered the sale of the 28-unit property on behalf of the seller, Palm Heights LLC.

Located at 3325 S. Canfield Ave., the property is near Interstate 10, approximately 10 miles from downtown Los Angeles and within 8 miles of Los Angeles International Airport. Additionally, the asset is positioned close to major companies such as Sony Pictures, Culver Studios, NFL Network and Scopely.

“The Culver/Palms submarket is such a dynamic and desirable neighborhood within Los Angeles,” said Peter Sherman, principal of Avison Young, in prepared remarks. “More than 1.5 million square feet of office space is currently under construction with Amazon and Apple recently signing significant leases to join the community here. ”

The Culver was constructed in 2006 and comprises a mix of studio, two- and three-bedroom units featuring 9-foot ceilings, in-unit washers, dryers and balconies. The community also features amenities such as a rooftop deck with seating and grills, a gym and business center. The buyer plans to upgrade the interior of the property to meet the standards of the areas’ newer buildings.

Image courtesy of Avison Young