A 15-unit apartment complex in West Los Angeles sold for $9 million in an off-market deal brokered exclusively by Kidder Mathews Senior Vice President Michael Monempour. The 20,333-square-foot property is located at 1821 South Bentley Avenue, two blocks from the intersection of Santa Monica Boulevard and Sepulveda Boulevard.
The complex was originally built in 1972 and is currently 93% occupied. Units include 14 two-bedrooms/two-bathrooms and a single one-bedroom/one-bathroom — each large enough to add an additional bedroom and potentially be sold as condos in the future.
Monempour says this sale shows that apartment prices in West LA continue to go up in value.
“Trophy assets like this are rarely traded in this area since most of the assets are generational real estate. The owners held onto this property for 49 years,” said Monempour. “The significance of this deal is the price at $600,000 per unit and 18.1 GRM. We ended up doing a non-contingent offer day one. I expect this will serve as a precedent for future sales.”
About Kidder Mathews
Kidder Mathews is the largest independent 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, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages 64 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.