Monday, April 23, 2012

Westwood Apartment Complex in Los Angeles Trades for $13.25 Million

LOS ANGELES, CA –Marcus & Millichap’s Institutional Property Advisors (IPA), the firm’s recently formed institutional multifamily brokerage division, has arranged the sale of Veteran Apartments (top left photo), a 60-unit apartment complex located near the corner of Wilshire and Westwood boulevards in LA’s Westwood neighborhood.

The sales price of $13,250,000 translates into $220,833 per unit and $345 per square foot.

 Greg Harris (middle right photo) and Ron Harris (middle left photo), both executive vice presidents, and Kevin Green (lower right photo) and Joseph Smolen (lower left photo), associate directors, represented the seller, a joint venture between Realty Center Management Inc. and Trecap Partners LLC. The buyer was a Los Angeles- based private party, also represented by IPA.

“Veteran Apartments’ location defines the term ‘pedestrian-oriented,’” says Greg Harris. “The main campus of one of the nation’s top public universities, UCLA, is within easy walking distance, as are a variety of employment opportunities, a myriad of fine dining establishments and countless boutiques.”

“Veteran Apartments appeals both to UCLA matriculants and young professionals,” adds Ron Harris. “The property is positioned to continue operating at high economic occupancy levels and also provides the new owner with an opportunity to add value by implementing a renovation program.”

The 38,378-square foot apartment complex was built in 1975 on .51 acres at 1260 Veteran Ave., which is less than a mile south of UCLA’s main campus and only a 10-minute commute to both Century City and Santa Monica, the two largest Westside employment centers.

Veteran Apartments features a central courtyard swimming pool with a sundeck, a large recreation room/lounge with a billiards table and fitness equipment, well-landscaped grounds and a two-level controlled access parking structure.

The complex’s well-appointed and uniquely designed units include bi-level studio and studio-plus-loft floor plans. Apartments feature granite countertops, French country-style white cabinetry, complete appliance packages and crown molding.


Stacey Corso
Public Relations Manager
(925) 953-1716

No comments: