Sunset Complex Sells for Big Bucks

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A Sunset Boulevard apartment building with 183 units has sold for $92.7 million, about $507,000 a unit.

Pittsburgh finance company PNC Financial Services Group Inc. last month purchased the Class A multifamily property at 7950 W. Sunset Blvd. from Foster City real estate company Legacy Partners Commercial Inc. It’s a record deal in the West Hollywood submarket, the first time a property there with more than 20 units has ever sold for more than $500,000 a unit.

Only two other large multifamily properties in Los Angeles County have sold for more per unit this year. The Vermont, a 464-unit apartment tower in Koreatown, sold in July for $283 million, about $610,000 a unit. Earlier this month, Watermarke Tower in downtown Los Angeles, which has 214 units, sold for $161 million, about $750,000 a unit.

Built in 2008, the five-story complex has 28 studio units, 81 one-bedroom units and 74 two-bedroom units with asking rents ranging from $2,000 a month to $4,000, according to real estate data provider CoStar Group Inc. Community amenities include a pool, sauna, gym and business center. The building has about 13,000 square feet of ground-floor retail.

The building was about 95 percent leased at the time of sale.

Marc Renard of Cushman & Wakefield Inc. represented the seller in the deal, and the buyer handled the transaction internally.

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