July 25, 2018
Los Ageles – Transwestern today announces it has brokered the sale of two multifamily properties in Los Angeles. A nine-unit building at 11642 Kiowa Ave. in the Brentwood submarket traded for $4.25 million, and a seven-unit property at 941 N. Normandie in the East Hollywood submarket traded for over $2.02 million. Senior Vice Presidents John Swartz and Josh Kaplan of Transwestern’s Los Angeles Multifamily Investment Services group represented the buyers and sellers in both transactions.
“Despite overall market concerns about rising interest rates and the upcoming Costa-Hawkins Rental Housing Act repeal vote in November, we received multiple qualified offers for these two properties, proving that buyers are still interested in purchasing well-located properties with strong rental market fundamentals,” said Swartz. “Both properties provide excellent opportunities for rental growth and long-term potential for redevelopment.”
According to commercial real estate research firm CoStar, investment sales volume in the Greater Los Angeles Area for January through May 2018 was up 9.3 percent year over year. Established markets such as Brentwood and up-and-coming investment submarkets such as East Hollywood continue to benefit from low vacancy rates, healthy economic fundamentals metro-wide and readily available multifamily investment debt.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 211 offices in 36 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.