Lee & Associates-LA North/Ventura Transacts $3 Million Multifamily Sale
With extensive renovations planned, Studio City, CA asset fetches a premium
STUDIO CITY, CA – Jan. 9, 2014 – Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates-LA North/Ventura, transacted the sale of an 8-unit apartment building at 4350 Laurel Grove Ave. in Studio City, CA for $2,950,000, or $375 per square foot.
“Our buyer had an exchange requirement and wanted a core asset with ease of management,” said Cory Stehr, a Lee associate who represented the buyer and seller with Lee’s Cole Martens. “We were able to identify this well-located, non-rent controlled property and effect an off-market transaction that met the goals of both the buyer and seller.”
Both the buyer and seller in the transaction are private individuals.
Located south of the Ventura (101) Freeway adjacent to a high-end residential neighborhood with million dollar-plus, single-family homes, the property consists of eight, 2-bedroom; 2-bath units. Some of the units have lofts, wrap-around balconies and private patios.
“The seller had been considering a disposition when we approached him,” Stehr said, “but he was aware that the units, which were mostly unoccupied, required extensive renovation. Our buyer’s proposal allowed him to move ahead with his plans and provided our buyer with exactly the type of asset he was seeking.”
The units are undergoing a complete remodel by the seller with granite countertops, high-end stainless steel appliances, washers and dryers in each unit and wood flooring. The building is being painted and the roof is being replaced, improvements that helped to bring the sale price up to the top-end of the market on a per-square-foot basis.