October 17, 2018
Los Angeles – Transwestern today announces it has brokered the sale of two multifamily properties in high-end Los Angeles neighborhoods for a total of nearly $8 million. Senior Vice Presidents John Swartz and Josh Kaplan of Transwestern’s Multifamily Investment Services Group represented the buyers and sellers in both transactions.
“Despite overall market concerns about rising interest rates and the upcoming vote on the Costa-Hawkins Rental Housing Act repeal, also known as Proposition 10, we received multiple qualified offers for these two properties,” said Swartz. “The continued strong buyer interest shows that investors are still interested in purchasing well-located properties with strong rental market fundamentals.”
925 N. San Vicente Blvd. in West Hollywood, a nine-unit building in West Hollywood, sold for nearly $4.2 million. In the Brentwood submarket of Los Angeles, 11667 Goshen Ave., a 10-unit building, sold for $3.8 million. Both properties traded between private buyers and sellers.
“Both properties provide excellent opportunities for rental growth and long-term potential for redevelopment,” said Kaplan. “The established prime locations should provide better long-term downside protection than recently gentrified areas of Los Angeles against legislative risks such as additional rent control provisions.”
According to commercial real estate research firm CoStar, investment sales volume for multifamily properties with five or more units in the greater Los Angeles area for January through September 2018 was up 2.9 percent year over year. Established markets such as West Hollywood and Brentwood 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, Asset Services, Occupier Solutions, Capital Markets 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. Transwestern has 35 U.S. offices and assists clients from more than 221 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.