LOS ANGELES-Marcus & Millichap Real Estate Investment Services’ Richard Ringer, first vice presidents of investments in the firm’s west L.A. office, tells GlobeSt.com’s Natalie Dolce that two prime West L.A. apartments have changed hands. The sale of both Oakhurst Regency Apartments, a 24-unit apartment property located in Beverly Hills, CA and the Bel Air Apartments, a 29-unit apartment property located in Bel Air, CA, were a win-win situation for the buyer and seller, Ringer says.
The sales prices of the assets are confidential and could not be disclosed, nor could the identity of the buyer or seller, except to say that the seller was a private, long-term holder and the buyer was a limited liability company. “The buyer was in a 1031 exchange and had recently closed their down-leg in Manhattan, NY and moved their equity out west,” he says.
Ringer points out that “there was a lot of competition for the properties and through their extensive marketing campaign they were able to generate multiple offers on both properties.” He adds that “the sellers were looking to simplify their lives and the buyer was looking for preservation of capital.” He also points out that he feels “a tremendous sense of optimism in the marketplace. In general, there seem to be a lot of buyers for well-located properties.”
The Oakhurst Regency Apartments are located at 324 North Oakhurst Dr. The property was built in 1965 and stands on a 14,900-square-foot lot. The unit mix consists of one, two and three-bedroom apartments with extensive landscaping to the property. The Bel Air Apartments are located at 2405 Roscomare Rd. The property was built in 1955 and is a low-density complex sitting on a 58,806-square-foot parcel. The unit mix offers a wide variety of floor plans including singles, one and two-bedrooms with large private patios and gated parking spaces.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
