Lee & Associates-LA North/Ventura Transacts Sale of 14-Unit Multifamily in Los Angeles for $6.15 M
Condo-mapped apartment property sells in off-market transaction
LOS ANGELES – Jan. 5, 2015 – A 14-unit condominium-mapped multifamily property in the Sherman Oaks submarket of Los Angeles has traded for $6,150,000 or $439,286 per unit, according to Jeff McGuire, a principal of Lee & Associates-LA North/Ventura who transacted the sale along with Ryan O’Connor and Slavic Zlatkin, associates.
McGuire and O’Connor represented the seller, CAC Property Investments LLC, and Zlatkin represented the buyer, Hazelhurst Equities, in the sale of the property, located at 4309 Dixie Canyon Ave. in Sherman Oaks.
“Even in an off-market transaction, this property attracted premium pricing due to a number of factors,” said McGuire. “The property was built as a condominium with very high quality construction in a prime San Fernando Valley neighborhood. CAC Property Investments, which originally acquired the building from the developer, chose to operate it as a rental property, so the units were never marketed as condominiums, but the units can be sold off individually.”
The units, which have amenities including in-unit washer/dryers, laminate flooring, granite counter tops and stainless steel appliances, command top-of-the-market rental rates.
The property sold at a 14.5 GRM (gross rent multiplier) and a 4.3 percent cap rate.