Record-Breaking Sale in Beverley Hills, CA Closed by Marcus & Millichap

444 North Oakhurst Drive and 446 North Oakhurst Drive, Beverley Hills, CA

BEVERLY HILLS, CA,  July 7, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of 444 North Oakhurst Drive and 446 North Oakhurst Drive, a two-building multifamily investment property in Beverley Hills, Calif.

Tony Azzi

The $10.1 million sales price represents $459,091 per unit and $803.69 per square foot, which is the highest price per square foot recorded in the 90210 zip code so far this year.

            Tony Azzi, senior vice president investments, and Rabbie Banafsheha, both in Marcus & Millichap’s West Los Angeles office, represented the seller, 6401 Wilshire Blvd. LLC. The buyer is Oakhurst Development LLC.

            “The two buildings have beautiful, traditional architecture and an irreplaceable location,” says Azzi.

“These qualities, plus the large double lot and the upside potential in rents fueled intense interest from investors from throughout the multifamily property investment community. Investors are willing to stretch their budgets right now to acquire multifamily assets in ‘A’ locations,” Azzi continues.

“Uncertainty in the global economy, the low value of the dollar, rising rents, limited multifamily inventory and the security of apartment property investments are combing to create a red-hot market for multifamily properties in top locations.”

            “We designed a unique marketing plan to promote and highlight the asset’s true value,” adds Banafsheha. “Our efforts generated nine competing offers and drove the price $875,000 over list.”

            The two apartment buildings are situated on 15,000 square feet on a quiet residential street just southwest of the intersection of Doheny Drive and Santa Monica Boulevard in one of the country’s wealthiest zip codes, 90210.

Rabbie Banafsheha

Cultural, entertainment and shopping destinations on Melrose Avenue, Santa Monica Boulevard and Sunset Boulevard are nearby.

Access to the surrounding areas of Los Angeles are provided by Santa Monica Boulevard and La Cienega Boulevard, which connect the property to Interstate 10, Interstate 405 and U.S. Highway 101.

            The building at 446 North Oakhurst Drive features eight bachelor units and eight studios. 

The 444 North Oakhurst Drive building has four one-bedroom apartments and two two-bedroom units. Both buildings feature courtyards, on-site laundry and parking

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716