A 1930-era, 40-unit apartment building in West Hollywood has sold for $15.66 million.
Marcus & Millichap represented the seller, Wilshire Skyline Inc.
Benjamin Keywanfar, founder of Shamina Investments, purchased the property through an LLC. Shamina Investments is a Beverly Hills-based private investment group.
“We’re long-term buyers in the West Hollywood area,” Keywanfar said. “We think it is an incredibly beautiful property. We plan to do a value add. The building needs some upkeep and we look forward to bringing its original charm back with today’s modern amenities.”
Keywanfar did not know how much money would be spent on upgrading the property. He said that while the exterior of the building has been updated, the interior has not. He does not plan to add any additional units to the building.
Villa Italia, at 1201 North Crescent Heights Boulevard, was built in the 1930s.
It was last purchased in 2011 for $6 million.
Marcus & Millichap’s regional manager of the firm’s West Los Angeles office Tony Solomon, executive managing director Tony Azzi and senior associate in the firm’s West Los Angeles office Rabbie Banafsheha had the listing.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans