A rare double lot multifamily property, located at 1505 and 1515 Veteran Avenue in Los Angeles, California, has sold in an off-market deal for $5,600,000. The buyer is a long-term investor, developer, and asset manager in the Los Angeles market. Kidder Mathews commercial real estate broker, Michael Monempour, represented both the buyer and the seller in the transaction.
Located in the prime Westwood area, the double lot property consists of 17,000 square feet of land zoned for L.A. County R-3. The current buildings are comprised of nine units, but the lots were purchased for their land value at a high sales price of $266,666 per buildable unit.
Monempour previously assisted the same buyer in purchasing an additional development site across the street at 10978 Wilkins Avenue, acquired for $3,530,000 in an off-market sale. This property consists of six units, but the building will be torn down for redevelopment. The purchase will complement the property on Veteran Avenue and save on construction costs via economies of scale, and increase their expansion into the desirable Westwood location with many amenities that cater to tenant needs, including multiple fine dining and entertainment options.
“The developer has a strong vision for these properties and is an enthusiastic believer in the Westwood market,” said Monempour.
In addition to the Westwood properties, Monempour recently represented both parties in the sale of a six-unit multifamily property located at 1001 S. Shenandoah Street in Los Angeles, California, near Beverly Hills. The well-maintained property is in excellent condition and sold off-market for $2,380,500.
“These transactions indicate that low supply and high demand of multifamily properties in West Los Angeles will continue to attract investors willing to pay premium prices even during times of uncertainty,” said Monempour.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.