Stanley Sirott Acquires West Hollywood Multi-Family Property For $7.75M

A multi-family property located at 1247 N. Orange Grove in West Hollywood has been sold for a price of $7,750,000. The transaction took place on September 24, 2021. The property consists of 24 units, with each unit valued at approximately $322,916. The total square footage of the property is 29,310, and the price per square foot is $264. The capitalization rate for this sale is 1.84%. This transaction marks the lowest cap rate in the history of West Hollywood for properties with eight or more units, according to CoStar.

Summary of transation details

• Property Type: Multi Family
• Transaction Amount: $7,750,000
• Units: 24
• Price per Unit (PPU): $322,916
• Total Square Footage (SF): 29,310
• Price per Square Foot (PPSF): $264
• Capitalization Rate (CAP): 1.84%

In this deal, the buyer was Stanley Sirott, while the seller was the Wendel Family. The brokers involved in the transaction were Jordan Asheghian and Tony Azzi. It's important to note that both the seller and buyer were represented by Jordan Asheghian and Tony Azzi.