CULVER CITY, CA – Colliers International, the second largest global real estate services organization, recently sold a 60-unit apartment complex, The Keswick Court Apartments (top left photo), located at 3902-3920 Lenawee Ave, Culver City, Calif. Kitty Wallace (middle right photo), Executive Vice President based out of Colliers International’s West Los Angeles office, represented both the Seller, private investors, and the Buyer, M West Holdings LLC, a Los Angeles-based real estate investment firm in the transaction.
“The Keswick Court Apartments are located in Culver City, a city in Los Angeles that has recently been transformed by redevelopment and new infrastructure. This sale was a bit more challenging due to the age of the building; however, we were able to sell the city’s non-rent control ordinance,” said Wallace. “We also emphasized the resurgence of the Culver City market which has not yet peaked”
“Over the past three months we have noticed that the Los Angeles apartment market has gained momentum which helped with this sale. Our team just closed three deals in three weeks, which is a reflection of the kind of demand we are seeing for investment properties.
“According to a recent report by RCA, multifamily sales volume in Los Angeles increased by 138% in Q1’11 YTD. The city now ranks amongst the nation’s top four most active multifamily markets since 2010,” states Wallace.
The Keswick Court Apartment complex was built in 1957, and includes common area amenities such asa swimming pool, leasing office, landscaped courtyards, two laundry facilities, and 64 open or gated tuck-under parking spaces.
The property also has an excellent unit mix and is comprised of 15 three-bedroom, two-bathroom units; 27 two-bedroom, two-bathroom units; 8 two-bedroom, one-bathroom units, 3 one-bedroom plus a den, and two-bathroom units, and 7 one-bedroom, one-bathroom units.
Contact:
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
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Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
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