55 Units Fetch More Than $16M

BEVERLY HILLS, CA-New owners have purchased two apartment buildings here totaling 37 units for nearly $13 million and an 18-unit West Los Angeles property for nearly $3.4 million, according to Team Lustig-Bower of CB Richard Ellis, which represented the sellers in all of the transactions.The properties include a 21-unit complex at 454 N. Oakhurst Dr. that sold for nearly $8.4 million and a 16-unit complex at 484 S. Roxbury Dr. that sold for $4.5 million. Team Lustig-Bower reports that a buyer doing business as MJS 9229 LLC bought the single-building Oakhurst property from Hill Street Partners II, a Los Angeles-based investment group, with the buyer represented by Paul Daneshrad at Starpoint Properties. Built in 1961, the Oakhurst complex measures 34,320 sf, with units averaging 1,634 sf and sizes ranging from 1,600 sf to 1,900 sf. One unit of the complex was vacant at the time of the sale.In the Roxbury Drive transaction, the seller was Parklane Group LLC of Los Angeles and the buyer was an individual investor from Los Angeles that was represented by Jan Caswell Pastras of Re/Max/Sunset. The single-building, 16-unit property was built in 1961 and had one vacancy at the time of sale. Units average 1,106 sf and consist of a mix of one- and two-bedrooms and one single.The West Los Angeles property is at 3742 Hughes Ave. and was sold by Hughes Avenue Associates LLC of Los Angeles to ABC&Z LLC, a private investor, for nearly $3.4 million. The 18-unit property was built in 1987 and was not subject to rent control, providing upside potential in rents. The building also is close to the Westside Walk shopping area and Sony Studios, with controlled access entry, underground parking, vaulted ceilings on the top floor, and with separate meters for gas and electricity. The buyer was one of multiple bidders, and the transaction closed at a purchase price exceeding the asking price. The price reflected a cap rate of 5.3% and approximately $194.77 per sf.