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Tuesday, Oct 4, 2022
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Large Los Feliz Multifamily Site Sells for $24 Million

A 60-unit apartment building in Los Feliz has sold for $24 million.

The property, at 2035 Dracena Drive, was purchased by an LLC tied to Robert Blumenfield of Santa Monica-based Roberts Cos.

The seller was a family trust that had been ordered by a court to find a buyer for the property.

Taksa Investment Group’s Jonathan Taksa represented the buyer, while Keller Williams’ Phil Seymour and David Weinberger represented the seller.

The building has a pool and a jacuzzi and was 10% vacant at the time of the sale. It was built by the seller’s family in 1972.

This site marks the buyer’s first purchase in Los Feliz.

“(Blumenfield) always liked Los Feliz and didn’t have any properties there,” Taksa said.

While most apartment buildings in the Los Feliz area have a small number of units, according to Taksa, this property’s larger size and its location near busy Hillhurst Avenue made it desirable.

“He liked it because of the upside. It had not been touched by this family since they built it, and the units are larger than most units in the area. It has central air and heat, a pool and a jacuzzi. It’s well amenitized and one of the largest properties in the area,” Taksa said.

He also said the building, which was listed during the Covid-19 pandemic, received more than 10 offers.

Rents at the property are roughly 40% below market value, Taksa said, adding that the buyer would be making improvements to get its full value.

The buyer, he said, plans to redo the lobby and upgrade units as tenants move out to “make high-end rentals. That market can support it.”

Changes for the apartment units will likely include new flooring, kitchens and bathrooms.

While the buyer was interested despite Covid-19, the pandemic did cause some difficulties.

“We never got into all the units,” Taksa said. “The buyer was only able to see seven of the units prior to closing. Covid did affect us because we couldn’t do a proper inspection.”

According to Taksa, the sale was court-ordered due to disagreements among the trust’s beneficiaries over the property, which increased the amount of time required to close the deal.

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