A residential building with 32 units in Brentwood has sold for $26 million.
The apartment complex is one of two venerable multifamily buildings in the neighborhood that have come up for sale.
Taksa Investment Group at Re/Max transacted the sale for both properties.
“I can’t emphasize how high-profile these buildings are,” said Taksa Principal Jon Taksa. “The properties are two of the most recognizable properties on the Westside.”
The first site, at 809 S. Gretna Green Way, stands at the corner of Montana Avenue and South Gretna Green Way, across from the Brentwood Country Club. The three-story building spans 55,240 square feet.
The property was sold in an off-market transaction by the family who built the building in 1967.
“It was owned by several second-generation family members,” Taksa said. “They wanted to do a 1031 exchange out of state.”
All the units have 9-foot ceilings and central heat and air, all of which was rare at the time the building was built. The site also has subterranean parking, a pool and gym.
Several of the units are exempt from rent control.
Wiseman Residential, a local family office that is one of the largest owners on the Westside with many holdings on the Brentwood market, purchased the property, Taksa said.
The entire deal took a week to reach escrow.
“We brought in an initial offer, it was countered, and the deal was done,” he said. “The buyer offered great terms for the seller, including a short due-diligence period.”
The second property sold by the Santa Monica-based brokerage is located nearby, at 12221 San Vicente Blvd. and belonged to a different owner. The 50-unit building is currently in escrow for an undisclosed amount. It is located on the corner of San Vicente Boulevard. and S. Gretna Green Way, and also stands across the street from the Brentwood Country Club.
“Transaction-wise, we got 10 offers on the property,” Taksa said.
The family that owned the building bought the land in 1925. In 1961, they executed a 55-year land lease allowing a developer to build an apartment building but retained ownership of the land and received lease payments for it. In 2016, the 55-year land lease was terminated and the family took over the building.
“The second-generation owners passed away and the third generation took over,” Taksa said. “They decided it was time to sell.”
The undisclosed buyer has many real estate holdings across the Westside.
The multifamily complex — a mix of one-, two- and three-bedroom units — covers 64,578 square feet and has 400 feet of frontage along San Vicente Boulevard.
“From the second- and third-floor units, you get incredible golf course views,” Taksa said. “Six of the units are vacant, which will enable the buyer to renovate those units and get top-dollar rent.”
The rest of the building is occupied and under rent control.
“It’s rare for properties this large to become available,” Taksa said. “In Brentwood, a lot of buildings don’t turn.”
A few new apartments, however, are in the works in the area.
