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Thursday, Feb 22, 2024

Apartment Assets Sell For $17M

A portfolio of four apartment buildings totaling 46 units sold in Los Angeles for $17.2 million.
The assets are all located in trendy areas of Los Angeles — East Hollywood, Virgil Village and Highland Park — that command strong rents.

The seller was a partnership between a commercial real estate developer and operator managed by Adam Norvell of Manhattan West Asset Management.
The portfolio included Pepper Tree Ranch, located at 4959 Romaine St. in East Hollywood, which sold for $7 million. The nearby Falcon, located at 4575 Maplewood Ave., sold for $3.6 million.

Casa Arroyo in Highland Park.

Kidder Mathews’ Darin Beebower and Mark Ventre represented the seller of the Falcon and the buyer for both deals.

Beebower and Ventre also represented both the buyer and the seller for the $3.6 million sale of 4018 Monroe St. in Virgil Village, which has eight apartment units. Beebower and Ventre also worked on behalf of the seller of the Casa Arroyo apartments in Highland Park at 368 North Avenue 57, which sold for $2.9 million. The Casa Arroyo is also comprised of eight units.

At more than $374,000 per apartment, Casa Arroyo achieved the highest price per unit in all of Northeast Los Angeles — including Highland Park, Eagle Rock, Atwater Village and Glassell Park — in 2022, according to Kidder Mathews’ data.

“High demand for renovated and stabilized assets that offer strong going-in cash flow continues to be a trend,” Beebower said in a statement. Ventre added, “Due to the trendy locations and condition of the buildings, we were able to generate two offers just under the asking price, one non-contingent offer, and one all-cash offer.”

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