West Hollywood Apartment Community Earning Above Average Prices
- Mar 30, 2015
A West Hollywood apartment property located in the vicinity of the Pacific Design Center recently traded hands at a per-unit rate that more than doubles the average residential unit price in L.A. According to Marcus & Millichap, whose representatives arranged the transaction for both parties involved, the seller received a total of $8.25 million for the asset. First Vice President Investments in Marcus & Millichap’s West L.A. office marketed the property on behalf of the seller while Los Angeles office Senior Associates Michael Hanassab and Elliot Hassan advised the buyer.
Located at 526 North Orlando Avenue, the 19-unit apartment community stands just east of La Cienega Boulevard and south of Melrose Avenue. The property’s neighboring area also includes the Rosewood Avenue Elementary School, Sunset Strip, Runyon Canyon Park, The Grove and the Beverly Center. The residential asset was originally constructed in 1964, but an extensive renovation process carried out back in 2012 improved the asset and added a number of features and resident amenities. The four-story, wood-frame and stucco apartment building offers its residents secure entry, a lobby entrance, as well as 29 parking spaces located in a gated subterranean parking facility.
The community offers residents three one-bedroom/one-bath units, 15 two-bedroom/two-bath units, as well as one upscale three-bedroom/two-and-a-half-bath penthouse unit that also includes multiple decks and balconies, as well as secured elevator access. The per-unit sales price of $434,211 is notably larger than the average value of an average L.A. residential unit – Marcus & Millichap Real Estate Investment Services research data shows that at the end of 2014 that value stood at under $180,000.