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| 851 South Kenmore Avenue, Koreatown Neighborhood, Los Angeles, CA |
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| Ronald Harris |
LOS ANGELES, CA –
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced
the sale of 851 South Kenmore Ave.,
a 33-unit apartment community located in Los Angeles’s Koreatown neighborhood.
The $3,025,000 sales price equates to $91,667 per unit.
Ron
Harris, executive vice president investments, Michael DiSimone, senior associate, and Paul Darrow, associate vice president investments, all in Marcus
& Millichap’s Los Angeles office, represented the seller, a private
investor, and the buyer, Winstar Properties.
“The property is a well-maintained building with distinctive
1930s-style architectural touches,” says Harris.
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| Michael DiSimone |
“This multifamily investment real estate asset possesses a
stable operating history and provides the new owner with potential upside in
rental income,” adds DiSimone.
Built in 1939 on a 13,343-square-foot lot, the property is
proximate to the Los Angeles Metro’s Wilshire/Vermont subway station and
interstates 10 and 110 and U.S. Highway 101.
The apartment community consists of one two-story wood-frame
building with 29 studio apartments, three one-bedroom/one-bath units and one
two-bedroom/two-bath apartment.
Unit interiors feature wood-laminate flooring,
mirrored wardrobes and window-mounted air conditioning units.
Shared amenities include controlled-access entry, on-site
laundry, five on-site parking spaces, and a central courtyard.
Gina Relva
Public Relations
Manager
(925) 953-1716
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