NAI Capital Apartment Sale Sets Price per Square Foot High in the Westside’s Palms Area
Los Angeles, CA Wednesday, December 07, 2016 – Vice President Kevin Kawaoka with NAI Capital completed the sale of a 9-unit apartment complex located at 3321 Keystone Ave, Los Angeles, Calif. Kawaoka, obtained the exclusive listing and represented the seller in the transaction. The seller, Almanza Trust, sold to N&G Investments for $3,946,000 or $438,000 per unit. The sale price per square foot at $503 set a new record high on a price per square foot basis for non-rent controlled apartment buildings in the Westside’s Palms community of Los Angeles.
The Keystone Manor is a two story 7,850 square foot project built in 1988, with a unit mix consisting of both one and two bedroom apartment homes. The property is situated in a prime Palms area located just South of Rose and East of Overland Avenue. At the time of the sale the building was 100% occupied. The vacancy in Palms for apartment units of similar size is extremely low due to rental market demand, which has contributed to escalating rents and outstanding sales prices.
Kawaoka said, “The seller had this property in their portfolio over 10 years. Current market conditions made it the perfect time to sell and our thoughtful and effective marketing plan for this property produced multiple offers over asking price. We were able secure a buyer $100,000 above asking price, negotiate favourable terms and maximize the value for the Almanza Trust. Palms is one of the most desirable cities due to its proximity to the metro rail, Downtown Culver City and Silicon Beach. Rental units will remain in demand there. The non-rent controlled property offers a tremendous long term hold potential for the new owner.”
About NAI Capital
NAI Capital Company is one of the Southern California’s leading full-service commercial real estate companies, providing a complete range of transaction, valuation, consulting, investment, and property management services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, developers and investors throughout Southern California. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com.
# # #