Saturday, May 10, 2014

IPA Sells West Los Angeles Apartment Complex

  
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


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