CBRE Announces the Sale of 54-Unit Apartment Property in Popular Los Angeles Neighborhood for $17.58 Million
26 Dec 2018
Los Feliz property resulted in more than 15 offers
Los Angeles – CBRE announced the sale of a 54-unit apartment property, Los Feliz Palms, in Los Angeles, CA for $17.58 million.
Priscilla Nee of CBRE represented the seller, a private trust, in the transaction.
Located at 1917 Rodney Drive, the four-story building features an ideal unit mix of 48 one-bedroom, one-bathroom units and six two-bedroom, two-bathroom units. The complex also includes a fully enclosed parking garage, secured entry, a gated pool, a fitness center, recreation room, and onsite laundry. The spacious units offer excellent floor plans, walk-in closets, and patios or balconies.
“We scheduled approximately 25 tours within the first two weeks of launch and drove over 15 extremely favorable offers,” said Nee. “The property ended up selling $1.1 million over the asking price. The buyer was ultimately attracted to the prime location and competitive rents. The Los Feliz submarket’s high barrier to entry made this a one-of-a-kind, highly sought-after investment and opportunity.”
The active local investor was also represented by Nee.
Los Feliz Palms is centrally located within walking distance to several shops, restaurants and entertainment options on Hillhurst Avenue, Los Feliz Boulevard, Vermont Avenue and Hollywood Boulevard.
Multifamily asset acquisitions in the U.S. reached $48.3 billion in Q3 2018, up 14.2% year-over-year, the highest total since Q4 2015, according to CBRE research. Los Angeles remains among the top three metros for multifamily completions, accounting for 27% of the nationwide total through the third quarter. In terms of investment activity, L.A. alone boasts a staggering $2.5 billion.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.