Lee & Associates-LA North/Ventura Transacts 26-Unit Multifamily Sale in West Los Angeles
Property drew 10 offers in the space of just two weeks
LOS ANGELES – July 15, 2015 -- A 26-unit multifamily property in the West Los Angeles community of Palms has sold for $8.3 million after 10 bids were received in the space of just two weeks, according to Warren Berzack, principal of Lee & Associates-LA North/Ventura’s multifamily specialty group, Berzack Investment Property Advisors.
Berzack represented the buyer and seller in the transaction with Lee Principal Stephen Geiger.
“Obviously this is a very active time in the multifamily market, but in addition to the high demand, this asset also had some compelling features,” Berzack said. “There is tremendous upside in the rental rates, the property has been well-maintained and professionally managed and the location is excellent.”
The property is located at 10770 Lawler St. in a residential neighborhood of Los Angeles with easy access to the San Diego (405) and Santa Monica (10) freeways and several bustling commercial corridors minutes away.
The seller, Veranda Investments, LLC, and buyer Lawler Partners Ltd., LLC, are both private investors.