Douglas Elliman Acquires 8-Unit Multifamily Property In Brentwood For $5.6M

An 8-unit multifamily property located at 11915 Darlington Avenue in the affluent neighborhood of Brentwood, Los Angeles, has been sold for a record-breaking price of $5,600,000. The property spans approximately 8,260 square feet, with each unit having an average price of $700,000. The sale price translates to a price per square foot of $678. This transaction was a cash deal with a 30-day closing period, and the property was fully occupied at the time of the sale.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,600,000
• Address: 11915 Darlington Avenue, Los Angeles
• Market: Brentwood

The buyer's representative in this deal was Heather Altman from Douglas Elliman, while the seller's representatives were Michael Gholian and Azarnosh Gholian from Keller Williams Beverly Hills Realty.

This sale in the heart of Brentwood achieved a remarkable cap rate of 3.98% and a Gross Rent Multiplier (GRM) of 17.75. The transaction evidenced a strong demand in the affluent neighborhood. The brokers facilitated an all-cash deal with a swift 30-day closing period. The property was fully occupied at the time of the sale, showcasing its attractiveness to tenants and investors alike.