14-unit multifamily building trades for $4 million
June 16, 2020
LOS ANGELES – Transwestern Real Estate Services (TRS) announces it has brokered the sale of 453 S. Gramercy Place, a newly renovated, 14-unit multifamily building in the Koreatown submarket of Los Angeles. Managing Directors Josh Kaplan and John Swartz of the Multifamily Investment Services group represented the seller, a private investor, in the transaction valued at $4.05 million.
“We were able to conduct the entire transaction while under the Safer-At-Home order, which shows that despite the challenges we are all facing right now with COVID-19, apartment investors still see premium value in well-managed, well-located buildings,” said Kaplan.
453 S. Gramercy Place was last sold by Transwestern in January 2017 for $2.2 million. After a complete renovation, the property’s sale price of $4.05 million, or $471 per square foot, set an all-timeper-square-foot record in Koreatown’s 90020 zip code.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.