The Sunset Laurel Apartments, located at 1545 North Laurel Avenue in Los Angeles, have sold for $11,000,000. Kidder Mathews’ Senior Vice President Robin D. Ossenbeck represented the seller, N. Laurel, Villa C, LP, a Delaware Limited Partnership. The buyer was 1545 N. Laurel Avenue C, LP, a Delaware Corporation.
Constructed in 1958, the 28-unit building is situated in a prime location, two lots north of the City of West Hollywood.
“The submarket north of Sunset Boulevard, west of Fairfax, east of Crescent Heights, and south of Hollywood Boulevard is one of the most sought-after parts of Hollywood – where most buildings were converted to condos in the 1980’s,” said Ossenbeck, who has specialized in multifamily sales in Hollywood since 1987. “These deals are hard to find at a reasonable price, where the buyer can still make a profit over time, because most owners here are not selling.”
Including another property purchased by the same buyer three years ago, Sunset Laurel Apartments is one of only two sales in this submarket in over 50 years.
The buyer plans to increase rents with major upgrades to the common area and units. The seller saved over $600,000 on the new ULA tax by closing before April 1, 2023 and will exchange into another property out of the strict city of Los Angeles rent control.
“The buyer gets the prestigious proximity to West Hollywood without the difficult rent control of West Hollywood. Residents can walk to the world famous ‘Sunset Strip” one block south of the property,” added Ossenbeck.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 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 & 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.