West Hollywood Apartments Sell for Nearly $4M
- Jan 05, 2015
West Hollywood, Calif.—Two fully occupied and adjacent apartment properties in the city of West Hollywood, which is in Los Angeles County, have traded hands. The rent-controlled apartments, which total 12 units, sold for a combined $3.9 million.
Roxbury Ventures LLC, which focuses on value-add multifamily deals in greater LA, sold the properties to a private buyer. The seller was represented by Neema Ahadian of Marcus and Millichap, while Janet Neman of Charles Dunn represented the buyer. The closing cap rate was 4.38 percent and the price per square foot totaled $635.
The properties are at 7604 Lexington Ave., which includes seven units, and 7605 Lexington Avenue, which has five units. They were built in 1920 and 1926, respectively, and feature a mix of one- and two-bedroom units, as well as studios.
The properties have been renovated to include new kitchens with quartz countertops and glass tile backsplash, Carrera marble bathroom counter tops and floors, hardwood laminate floors and walk-in closets. Common amenities include a courtyard, laundry facilities, and gated entry.
West Hollywood, which has a population of about 43,000 and has been incorporated only for 30 years, is a compact urban area with a walkable street grid that includes the Sunset Strip. According to Walk Score, the city is the most walkable one in California, with a Walk Score of 89 (“Very Walkable”).