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95-Unit Complex Fetches $3.5M

LOS ANGELES, CA-Apartments built in 1966 sell for just over $37,000 per unit, while a newer property in the area fetches $144,000 per unit.

By Bob Howard | Updated on June 25, 2002

LOS ANGELES, CA-A private family trust has acquired the 95-unit Galaxy Apartments at 835 W. Rosecrans Ave. in Los Angeles from Dominique Apartments Ltd. for $3.55 million, or $37,368 per unit.

The property is just west of the Harbor Freeway (I-110), according to broker Seth Polen of Marcus & Millichap, who says the complex might have commanded a higher per unit price if it were located a mile or so away in Gardena, which does not have rent control like in Los Angeles.

The Galaxy Apartments deal and another sale that Polen closed recently illustrate that “there is still something for everyone” in the Los Angeles apartment market, Polen comments.

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