A portfolio of four apartment buildings totaling 46 units sold in Los Angeles for $17,220,000.
The properties were all renovated and stabilized, offering buyers great initial cash flow. The assets were each located in trendy areas of Los Angeles that command strong rents.
The seller was a partnership between a commercial real estate developer and operator managed by Adam Norvell of Manhattan West Asset Management.
The portfolio included Pepper Tree Ranch, located at 4959 Romaine Street in fashionable East Hollywood, which sold for $7,000,000. The nearby Falcon, located at 4575 Maplewood Avenue, sold for $3,625,000. Kidder Mathews’ Darin Beebower and Mark Ventre represented the seller for The Falcon and the buyer for both deals.
Beebower and Ventre represented both buyer and seller for the $3,600,000 sale of 4018 Monroe Street in uber-chic Virgil Village, as well as the seller of the Casa Arroyo apartments in Highland Park at 368 North Avenue 57 that sold for $2,995,000.
Casa Arroyo achieved the highest price per unit (over $374,000) in all Northeast Los Angeles — including Highland Park, Eagle Rock, Atwater Village, and Glassell Park — in 2022.
“High demand for renovated and stabilized assets that offer strong going-in cash flow continues to be a trend. The timing was great in that the buyers’ loans were secured just before rates went up dramatically,” said Beebower.
Ventre added, “Due to the trendy locations and condition of the buildings, we were able to generate two offers just under the asking price, one non-contingent offer, and one all-cash offer.”
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 20 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 $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.
