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Two Westside Multi-Family Sales for $9.3M

LOS ANGELES-A 20-unit, fully occupied building and a 31-unit apartment complex with one vacancy were sold in six days to the same buyer. The capitalization rates on the deals were 5.2% and 4.8%, respectively.

By Peter Landau | Updated on May 29, 2002

LOS ANGELES-Two apartment complexes in the Westside area of Los Angeles have been purchased by 11 Federal Ave. West Ltd. The two buildings together comprise 51 units. The aggregate sales price was $9.3 million.

The first transaction was for a 20-unit apartment complex located at 120 South Swall Dr. The site is located in the Westside area north of Burton Way and adjacent to Beverly Hills. The property was sold by Mr. Halavy. The transaction value was $3.4 million. That figures out to be a per-unit cost of $70,000.

The 120 South Swall Dr. property was 100% percent occupied at the time of sale. It was built in 1964, and is a three-story structure with one level of subterranean parking. The capitalization rate on the deal measured 5.2%.

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