LA Apartments Acquires Westside Multifamily Portfolio For $30M
SOLD
$30,000,000
+ 1
California
See Similar DealsMultiFamily
Sold 02/15/2022
SOLD
LA Apartments Acquires Westside Multifamily Portfolio For $30M
11735 Culver Boulevard, Los Angeles, California 90066, United States
See Similar DealsMultiFamily
Sold 02/15/2022
+ 1
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 11735 Culver Blvd., 11964 Lindblade St., 4316 Berryman Ave., 2712 Abbot Kinney Blvd., 711 & 715 Machado Drive & 450 S. Venice Blvd. was recently sold on the Westside market. The property consists of 99 units and was sold for a total price of $30,000,000, resulting in a per unit price of $303,030.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,000,000
- Units: 99
- Price per Unit (PPU): $303,030
The buyer in this transaction was LA Apartments. The deal was facilitated by brokers Kevin Green, Joseph Grabiec, and Greg Harris from Institutional Property Advisors, who represented LA Apartments. Additionally, Peter Castleton from Voit Real Estate Services was involved in the deal as well.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,600,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66
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