 |
| Keswich Court Apartments, Culver City, CA |
 |
| Greg Harris |
CULVER CITY, CA – Institutional Property Advisors (IPA), a
brokerage division of Marcus & Millichap serving the needs of institutional
and major private investors, has arranged the sale of Keswick Court
Apartments, a 60-unit apartment complex in Culver City, Calif.
IPA
executive director Greg Harris, along with IPA directors Kevin Green
and Joseph Grabiec, advised the seller, MWest.
Marcus & Millichap vice president investments Matt
Ziegler advised the buyer, a local family owner/operator who purchased the
property as the upleg in a 1031 exchange.
“Keswick
Court Apartments is a sizeable non-rent-controlled asset in a market where
there is demand for luxury apartment homes, a significant affordability gap to
home ownership, and a scarcity of new supply,” says Harris.
 |
| Kevin Green |
“The property received extensive exterior and
structural/mechanical systems upgrades from 2011 to 2012 and additional
revenue-generating improvement opportunities exist, allowing the new owner to
modernize while maintaining insulation from the rents of more recently
constructed apartment homes.”
Built in
1957, the apartment community is located at 3902 Lenawee Ave. near high-end
restaurants and retail in downtown Culver City, Calif. Employment centers in
Century City, downtown Los Angeles, South Bay and Westside Los Angeles are
nearby. A stop on the newly opened Expo Metro line that connects Culver City to
all of Los Angeles is just two miles away.
Community
amenities at Keswick Court include a swimming pool, an outdoor barbecue and
lounge area, lushly landscaped interior courtyards, laundry facilities, and
gated/covered parking.
 |
| Joseph Grabiec |
Thirty-five units have been renovated and feature
high-quality finishes, including fully equipped kitchens with new appliances,
granite countertops, stainless-steel sinks, new cabinet faces, vinyl plank-
wood flooring, plush carpeting, mirrored wardrobes, modern bathroom vanities
and sinks, ceiling fans and spacious closets.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
No comments:
Post a Comment