Investor Picks-Up Value-Add Apartments in Culver City

A private investor has acquired a value-add apartment deal in Culver City. The 14-unit apartment complex offered significant upside due to five vacant units. It provides the opportunity for the buyer to reposition 30% of the property immediately.

Located at 3240 Fay Avenue in Los Angeles, the property is located in the Arts District area of Culver City. It traded hands for $4.4 million, or $317,000 per unit.

SVP Mark Ventre of Stepp Commercial represented the seller and the buyer in the deal.