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Apt. Sale Price, Partly Driven by Interest Rates

LOS ANGELES-The investors purchased Beverly Alvarado apartments to reduce their overall per unit cost, ‘to preserve the value of their existing buildings by controlling a larger share of the rental market in the area.’

By Natalie Dolce | Updated on October 26, 2010

LOS ANGELES-Tony Solomon & Will James of Solomon Capital Advisors, in association with KW Commercial tells GlobeSt.com that it has completed sale of the Beverly Alvarado apartments, located at 245 N. Alvarado here. The property was on the market for approximately four weeks before going into escrow, Solomon tells GlobeSt.com. 

The building was purchased by a group of investors who already owned the existing multifamily assets on either side of the Beverly Alvarado. Those properties had been converted to condominiums for sale, but due to the challenging market, have been leased out as rental units instead, Solomon says.

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