Marcus & Millichap Lists $10.6M Apartment Building in Los Angeles

LOS ANGELES, June 22, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Palm Terrace Apartments (top left photo), a 148-unit, 77,200-square foot apartment building in Los Angeles. The listing price of $10,650,000 represents $71,959 per unit.

Matthew Friedman, (lower right photo)  a vice president investments and a senior director of the firm’s National Multi Housing Group in Encino, is representing the seller.

“Offered significantly below replacement costs and at a low price per unit, Palm Terrace presents an opportunity for an astute investor to make enhancements to the property and dramatically increase rents to submarket levels,” says Friedman.

 “Given the strong local demographics and proximity to Los Angeles’ primary employment centers, Palm Terrace is well positioned to benefit from the continuously improving economy.”

Built in 1957 on 2.48 acres, the property is located in the historic West Adams district, a densely populated submarket of Los Angeles.

Palm Terrace provides easy access to major Southern California freeways and is within minutes to public transportation, allowing for easy reach to employment opportunities, retail shops and recreational offerings.

The property is also minutes from some of Los Angeles’ most famous destinations, including Dodger Stadium, Staples Center, and L.A. Live. Several nearby prominent institutions of higher education provide the property with continuous housing demand.

Palm Terrace is comprised of 148 one- and two-bedroom units

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716