LaTerra Development Acquires Multifamily Property In West Hollywood For $29.2M

In a recent closed transaction in West Hollywood, a multifamily property located at 1121 North La Cienega Blvd has been sold. The sale took place on November 24, 2021. The property, comprising 42 units, spans across 48,682 square feet. The sale price for this multifamily asset was $29,200,000, resulting in a price per unit (PPU) of $695,238 and a price per square foot (PPSF) of $599.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $29,200,000
• Address: 1121 North La Cienega Blvd
• Market: West Hollywood
• Total Units: 42
• Price per Unit (PPU): $695,238
• Square Footage: 48,682
• Price per Square Foot (PPSF): $599

LaTerra Development, represented by Chris Tourtellotte, acquired the multifamily property. The purchase was facilitated with the assistance of brokers Paul Darrow, Greg Harris, Kevin Green, and Joe Grabiec from THG Multifamily. The involvement of these key individuals and companies played a crucial role in the successful completion of the transaction.