Search
 

Westside Apartment Buildings Sell for $2M

LOS ANGELES-The Duke Family Trust purchased a 12-unit apartment complex and an individual investor picks up The Bundy, a seven-unit property. Los Angeles' Westside continues to be among the region's best-performing multifamily markets.

By Peter Landau | Updated on March 20, 2002

LOS ANGELES-Two Westside apartment buildings with a total of 19 units have traded hands for $2 million.

The Duke Family Trust purchased a 12-unit apartment complex at 11422 Iowa Ave. The building, built in 1963, has 7,646 sf. It sold for 9.9 times gross rent which, based on revenues, translates to a 7% capitalization rate. It was 100% occupied at the time of sale, with a 12% upside potential in the existing rents. Paul A. Kenworthy, CCIM in the West Los Angeles Sales Office of Charles Dunn Co. represented the buyer. The seller, Jui Trust, was represented by Chuck Radulovic of Apartment House Specialists.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.