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| 1309 Amherst Avenue Apartments, West Los Angeles, CA |
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| 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.”
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| 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
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