The three-story complex is located at 4315 Don Tomaso Dr. The apartment complex was sold by M/M William and Lola Walker of Los Angeles. The property was 94.7% occupied at the time of sale.
The sale price sets a new high for the Baldwin Hills area, which is a neighborhood in transition, according to Baron Jones, Vice President with Grubb & Ellis' West Los Angeles Multi Housing Group. The property sold for $70,605 per unit, representing a 7.21 gross multiplier and 8.28% cap rate on actuals, he said. The average sale price for that market over the past 12 months has been approximately $40,000 per unit, according to Comps Inc.
Managing Team Partner Baron Jones along with Hooman Ghaffari and Mary Ann Osborn of Grubb & Ellis represented the buyer and the seller in the transaction.
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