CBRE announced the sales of two multifamily properties in Studio City, CA for a total of $9.7 million.
Melinda Russell of CBRE represented the sellers, a private family trust in both transactions.
“Both buildings have been in the family for two generations,” said Russell. “This was a huge value-add opportunity for the buyers to upgrade the properties and significantly raise rents.”
Laurel Towers, which is a 20-unit, 3-story, apartment complex located at 12100 Valley Spring Lane, sold for $5.7 million. Constructed in the 1960’s, the property features a mix of one-, two- and three-bedroom apartments. The site also features a central courtyard pool, elevator and covered, gated parking. It is walking distance to a Trader Joe’s, Gelson’s Markets and numerous upscale shops and cafes along Ventura Boulevard and Ventura Place.
Located at 12121 La Maida Street, this 16-unit apartment building sold for $4 million. The property is on a residential street, surrounded by single-family homes. Similar to Laurel Towers, the site is in walking distance and proximity to many amenities, including coffee shops, restaurants, grocery stores and recreational parks. The two-story property sits just west of Laurel Canyon, consisting of one- and two-bedroom units built around a courtyard with a pool.
“It is very rare that two properties in a highly desirable and quality location such as this, become available,” said Russell. “The seller was ultimately looking for someone to purchase the sites in ‘as is’ condition and a rather quick close, which, due to the high demand for such prime locations, did not deter the buyers”.
Laurel Towers was purchased by a private, local investor, and the buyer of 12121 La Maida was Xenon Investment Corporation, a local investment company. Both were represented by Russell.
Apartment vacancies in the Greater Los Angeles region are expected to remain stable throughout 2018 with a possible temporary rise due to new supply. Rents are likely to continue to increase at a moderate pace, according to CBRE research.king rents resulted in strong investment activity, according to CBRE research.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
