NAI Capital Completes 40-Unit Apartment Building Sale In Downtown LA’s Westlake District
Los Angeles, CA, Thursday, July 06, 2017– Vice Presidents Ziv Kozaski and Michael Dixon with NAI Capital’s Multifamily Services Group completed the investment sale of Greenwich West Apartments, a 40-unit apartment building. The transaction totaled $5.3 million or $134,000 per unit. Kozaski and Dixon represented the seller, 711 S. Rampart LLC, and buyer, RPM Investments.
The Greenwich West Apartments is a unique building, containing 33 studio apartments, 4 one-bedroom and 3 bachelor units. The four-story brick building was constructed in 1924 and renovated in 2007. The property is located at 711 South Rampart Boulevard in Downtown LA’s Westlake District, just West of Downtown Los Angeles. Greenwich West Apartments is in a desirable area along Rampart Boulevard, East of Hoover Street, and South of 7th Street. The property was 100% occupied at the time of the sale.
Kozaski said, “The Greenwich West Apartments are located in the very densely populated Westlake District. The size of the units work well for this market area which has a low inventory and rising rents. The new buyer expects to have little to no vacancy in the foreseeable future and tremendous upside potential due to its location.”
“Downtown LA’s Westlake District is one of the most desirable markets for apartment investment in Los Angeles. As rental rates continue to grow, apartment buildings continue to increase in value. We are seeing a tremendous amount of demand from our clients for apartment investment opportunities in the central areas of Los Angeles. We had ten offers on this property and it sold over the asking price,” added Dixon.
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 #00806840.
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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