LOS ANGELES-Beverly Hills-based real estate investment firm Palm Heights LLC has acquired the Lanshire House, a West Los Angeles multifamily community, for $8.8 million in an off-market transaction. The 16,000-square-foot property has 100% occupancy of its 27 units, which range in size from studio apartments to three-bedroom and two-bath residences. The complex also features extra amenities, including a fitness center, onsite parking and a sundeck.
Sami Dinar and Michael Balson of Keller Williams Commercial represented both the buyer and seller, Redwood Residential Investments LLP, in the transaction. “Lanshire House is a meticulously clean and authentically attractive asset in a class-A location where class-A buildings are not readily available,” says Dinar.
The property is Palm Heights' third multifamily acquisition in Los Angeles. The firm has plans underway to add a clubroom and a rooftop lounge, complete with a BBQ area and cabanas. In addition, it has plans to upgrade to the existing fitness center and install wifi and keyless entry systems throughout the complex.
“This sale presents the buyer with a favorable investment opportunity in a superior location which will inevitably convert into consistent rental increases at premium rates over time,” Dinar explains. The firm hopes these additions and upgrades will help to transform the property into a high-end, boutique-living complex that will enhance rents and revenue.
“This acquisition fits perfectly with the buyer's core business model of identifying well-located assets with value-add potential,” Dinar says.
With a Los Angeles multifamily occupancy rates remaining tight and supply in West Los Angeles limited, as Dinar mentioned, many are moving to the downtown submarket. Earlier this month, Globest.com reported the submarket has 3,500 units coming online.
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Kelsi Maree Borland
