West Los Angeles Apartment Building Sells for $10.2 Million

1309 Amherst Avenue Apartments, West Los Angeles, CA

 

Ron Harris

LOS ANGELES, CA  – 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 1309 Amherst Ave., a 28-unit apartment building in West Los Angeles, one block from Brentwood. The $10,245,000 sales price equates to approximately $366,000 per unit.

            Ron Harris, executive vice president investments, Paul Darrow, vice president investments, and Michael DiSimone, senior associate, all in Marcus & Millichap’s Los Angeles office, represented the seller and procured the buyer.

            “On the market for the first time in more than 30 years, 1309 Amherst attracted a substantial amount of interest from multifamily property investors,” says Harris. “The property is perfectly suited for a comprehensive renovation that will allow the new owner to achieve a significant cash flow increase.”

“The Westside submarket of Los Angeles market maintains some of the lowest vacancies and highest rents in all of Southern California,” adds Darrow. “The area features superb demographics and is expected to capture consistent growth in the coming years.”

Paul Darrow

The two-story apartment building is located on the southwest corner of Amherst Avenue and Texas Avenue in a quiet residential area between Wilshire Boulevard and Santa Monica Boulevard. 

The location is adjacent to the epicenter of Los Angeles’s tech and startup community and approximately 25,000,000 square feet of office space. 

The property is minutes from Montana Avenue, Santa Monica Place, Third Street Promenade and Westwood. Access to major thoroughfares such as interstates 10 and 405 is nearby.

Built in 1972 on approximately 0.50 acres, 1309 Amherst Ave. has a total area of 26,155 square feet. 

The unit mix is one studio, 14 one-bedroom/one-bath units and 13 two-bedroom/two-bath apartments. 

Community amenities include controlled access, 49 semi-subterranean parking spaces, a courtyard, a bicycle storage area, and on-site laundry facilities. Apartment interiors feature gas fireplaces, ceiling fans in the kitchen areas, walk-in closets, and private balconies.

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

Gina Relva

Public Relations Manager

(925) 953-1716