NAI Capital Completes 20-Unit Apartment Investment Sale on LA’s Westside
Los Angeles, CA Los Angeles, CA Tuesday, August 29, 2017– Vice President Kevin Kawaoka, CCIM with NAI Capital’s Multifamily Services Group completed the sale of a 20-unit apartment portfolio located at 1511 & 1515 Beloit Avenue, Los Angeles, Calif. Kawaoka, represented the buyer, a private investor, in the transaction. The seller was, Wolf Revocable Trust. The sale price was $6 million or $300,000 per unit.
1511 & 1515 Beloit Avenue are a 2-building, two-story 14,014 square foot portfolio. Both properties were built in 1959, with a unit mix consisting of both one and two bedroom apartments. The property is situated in a prime WLA area located just West of the 405 Freeway, between Santa Monica Boulevard on the South and Ohio Avenue on the North. The property is minutes from Westwood, ULCA, and is next door to the VA Greater Los Angeles Healthcare Center.
At the time of the sale all of the apartments were 100% occupied. The vacancy on the Westside for apartment units of similar size is extremely low due to rental market demand, which has contributed to escalating rents and strong investor demand.
Kawaoka said, “This was a great opportunity for my client to acquire 20 value-add units on the Westside. I’m glad I was able exchange him into 2 solid assets that he will capitalize on. The inventory for 20+ unit apartment buildings is very slim. We are seeing a tremendous amount of demand from investors for these deals.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. 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 #01990696.
To learn more, visit www.naicapital.com
About NAI Global
Founded in 1978, NAI Global is a leading global commercial real estate brokerage firm. NAI Global Offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 Offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional 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.
To learn more, visit www.naiglobal.com.
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