January 04, 2021
Los Angeles – Transwestern Real Estate Services (TRS) announces it has brokered the sale of 946 S. Burlington Ave., a 1920s vintage, 27-unit multifamily building in the Westlake/MacArthur Park submarket of Los Angeles. Managing Directors Josh Kaplan and John Swartz and Senior Associate Troy Lucero of the Multifamily Investment Services Group represented both the buyer and seller in the transaction valued at $3.04 million.
“We were able to generate multiple offers for this unique building, despite buyer uncertainty amidst COVID-19, significant deferred maintenance at the property, and the Proposition 21 ballot measure vote looming,” said Kaplan. “The Los Angeles multifamily market remains attractive to investors amid the economic challenges 2020 has brought, and we look forward to a stronger market in 2021.”
In addition to this sale, the Los Angeles Multifamily Investment Services group has closed two transactions in the latter half of 2020, including 604 Evergreen St. in Inglewood and 707 Crenshaw Blvd. in Western Koreatown/Wilshire Park.
“Our recent sales transactions show that buyers still have a strong appetite for value-add apartment properties in the Los Angeles metro,” said Swartz.
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, Tenant Advisory + Workplace 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.