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Sean Daneshgar Acquires Utama Royale Multifamily Complex Near Beverly Hills For $28M

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SOLD
$28,000,000

California

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MultiFamily
Sold 02/22/2024
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Property Image
SOLD

Sean Daneshgar Acquires Utama Royale Multifamily Complex Near Beverly Hills For $28M

10351 Wilshire Boulevard

See Similar Deals
MultiFamily
Sold 02/22/2024
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in the transaction is Utama Royale, an 18-unit luxury apartment complex located at 10351 Wilshire Boulevard in Los Angeles. The sale price of the asset was $28,000,000, with a price per unit of $1,555,556. The upscale amenities and prime location near The Los Angeles Country Club and Rodeo Drive were highlighted by CBRE, the seller's representative, in the deal.

Summary of transaction details:

Sean Daneshgar purchased the luxury apartment complex from Devonshire Delaware. The brokers involved in the deal were Kamran Paydar and Laurie Lustig-Bower from CBRE, along with Barbara Duskin from Carolwood Estates. The property's proximity to The Los Angeles Country Club and Rodeo Drive added significant value to the transaction.

Players

Laurie Lustig Bower
18 deals$566.4M volume(310) 550-2556
BROKER

Kamran Paydar
CBRE
11 deals$301.3M volume
BROKER

Barbara Duskin
Carolwood Estates
3 deals$72.1M volume(310) 995-6255
BROKER

Details

SOLD
IMAGE: Barbara Duskin, Laurie Lustig-Bower & Kamran Paydar DATE: 02/22/2024 ADDRESS: 10351 Wilshire Boulevard MARKET: Los Angeles ASSET TYPE: Multifamily BUYER: Sean Daneshgar SELLER: Devonshire Delaware BROKERS: Kamran Paydar, Laurie Lustig-Bower - CBRE (@CBRE); Barbara Duskin (@BarbaraDuskin) - Carolwood Estates (@CarolwoodRealEstate) SALE PRICE: $28,000,000 UNITS: 18 ~ PPU: $1,555,556 NOTE: Devonshire Delaware sold Utama Royale, an 18-unit luxury apartment complex near Beverly Hills, to Sean Daneshgar for $28 million. CBRE represented the seller, highlighting the property's upscale amenities and prime location near The Los Angeles Country Club and Rodeo Drive.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,493,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$99,478.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$132,734.28
Annual Debt Service$1,592,811.42