LA Apartments Acquires Venice-Mar Vista Portfolio From Unknown Family Trust For $30M
450 S Venice BLVD, Los Angeles, CA...
$30,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 22, 2023
AI
The Venice-Mar Vista Portfolio, a six-property apartment portfolio located in the Westside region of Los Angeles, has been sold for $30 million. Built between 1961 and 1971, the properties are situated at 450 S Venice Blvd, Los Angeles, CA. The transaction took place in the Venice market.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $30,000,000.00
- Seller's Representative: Peter Castleton
- Buyer: LA Apartments
- Seller: Unknown Family Trust
Representing the seller and procuring the buyer in this deal were Kevin Green, Joseph Grabiec, and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, along with Peter Castleton of Voit Real Estate Services.
Players
Venice MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93