 |
| Robert IP |
Los Angeles, CA – Avison
Young, the world’s fastest-growing commercial real estate services firm,
announced today that it has completed the $12.6-million sale of Palisades Apartments, a four-story,
28-unit, multi-family property within walking distance to University of
Southern California (USC) in Los Angeles.
Avison Young Associate Robert Ip, based in the company’s Los
Angeles North office, represented the buyer, Orchard Adams, LLC. The seller,
Palisades USC LLC, was represented by CBRE. The transaction closed at a 5.1%
cap rate.
Built in 2002 and located
at 1210 and 1226 W. Adams Boulevard, the two-building, non-rent- controlled
property includes a mix of unit sizes, with the majority offering two- and
three-bedroom units.
The property, situated within the USC Public Safety patrol
area, includes ample controlled-access parking, onsite laundry facilities and
furnished rooftop decks.
“This property offered the
buyer excellent investment fundamentals, including non-rent control, newer construction and proximity to USC,
which provides a constant flow of potential tenants,” comments Ip. “The new
ownership plans to make updates to the units in order to maximize rents and add
overall value to the asset.”
Ip adds: “When the
15-acre, mixed-use USC Village development opens in 2017, I believe the new
amenities and housing the project will bring will only add to the value of
surrounding areas. Subsequently, Palisades Apartments shows all positive signs
of appreciation over the next few years.”
In addition to being near
the USC campus, Palisades Apartments is situated near the major cross street of
S. Vermont Avenue and is minutes from the 10 freeway.
For a
complete copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
No comments:
Post a Comment