A 1930s-era, 40-unit apartment building in West Hollywood has sold for $15.66 million.
Marcus & Millichap Inc. represented the seller, Wilshire Skyline Inc. The property was purchased by Benjamin Keywanfar, founder of Shamina Investments Inc., 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 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 Blvd., was built in the 1930s. It was last purchased in 2011 for $6 million.
Tony Solomon, manager of Marcus & Millichap’s West Los Angeles office; Executive Managing Director Tony Azzi; and Rabbie Banafsheha, senior associate in the firm’s West Los Angeles office, had the listing.
– Hannah Madans
