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El Royale Multifamily Fetches $526,000 Per Unit

LOS ANGELES-A buying team composed of Kamran Hakim and Farhad Eshaghpour spearheads the acquisition.

By Carrie Rossenfeld | Updated on October 08, 2012

(Save the dates: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24, and RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 – 6.)

LOS ANGELES-A locally based family trust that had owned the property for more than 50 years has sold the 56-unit El Royale apartment community to a team composed of New York-based developer and investor Kamran Hakim and Farhad Eshaghpour, a real estate professional who spearheaded the acquisition locally. The property, built in 1929 and located at 450 North Rossmore Ave., sold for $29,500,000, or $526,786 per unit, with an in-place cap rate at the time of sale at 3.5%. Ron Harris, an EVP investments; Stewart I. Weston, a SVP investments; and Joseph Smolen, a director—all with Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap—represented  the seller.

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