NAI Capital Completes 6-Unit Multifamily Investment Sale in Beverly Hills, CA
Los Angeles, CA August 21, 2018– Vice President Kevin Kawaoka, CCIM with NAI Capital’s Multifamily Services Group completed the sale of a 6-unit multifamily investment in Beverly Hills, Calif. Kawaoka represented the seller, a family trust, in the transaction. The buyer was a private investor. The sale price totalled $2,852,000 million or $528 per square foot.
The property is located at 226 S Gale Dr., in a central Beverly Hills location – steps away from Restaurant Row and the metro station located at the corner of La Cienega and Wilshire. The building was built in 1956. It is a two-story multifamily complex comprised of three, 1-bedroom 1-bath units, two 2-bedroom apartment homes and one large 3-bedroom, 2-bath, plus den unit. At the time of the sale the apartment complex was 100% occupied.
Kawaoka said, “The sale price, on a square foot basis, was the highest for Beverly Hills, 90211 this year. This investment represented a tremendous upside in rent for the new owner with rents 60% below market.” Kawaoka added, “Through our extensive marketing techniques, experience, and knowledge of the market we were able to produce multiple offers and structured an all cash, non-contingent, offer for the seller. The cap rate was 2.5% and 22.6 Gross Rent Multiplier.”
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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