Transwestern brokered the sale of 3667 Mentone Ave.
November 20, 2019
LOS ANGELES – Transwestern Commercial Services (TCS) today announces it has brokered the sale of 3667 Mentone Ave., a 10-unit multifamily building in the Westside Los Angeles neighborhood of Palms. Managing Directors John Swartz and Josh Kaplan of the Multifamily Investment Services group represented the buyer, a private investor, in the off-market transaction valued at $7.5 million.
“The sale of 3667 Mentone highlights investor demand for new, stabilized, turnkey multifamily assets in well-located areas,” said Swartz. “The property leased up to 90% occupancy within 45 days of availability at premium market rents, and the fact that there were multiple applicants for each unit demonstrates there is still upside.”
The Los Angeles apartment market remains healthy with historically high occupancy rates and solid rent growth. At mid-year, average asking rents increased to $2,226 per month, a 3.2% year-over-year increase, while total occupancy held steady at 96.4%, according to Yardi Matrix.
Swartz said, “The supply-constrained Westside continues to see some of the highest average apartment rents in Southern California due to its concentration of growing employment clusters such as tech and entertainment/media, as well as its high quality of life and proximity to world-renowned points of interest.”
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Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.