About The Property

2016 Vista del Mar was a meticulously-renovated boutique bungalow compound in the Hollywood Hills. The property consisted of 6 bungalow-style units that are fully renovated to the studs, and offers luxurious amenities catering to high-income renters, and a central location for living the LA lifestyle so many dream about. The property was renovated by AIH Development, a prominent Los Angeles developer bringing elevated and upscale residential design/amenities to this turnkey project. From stucco to windows, doors, roofs, water lines, sewer, electrical, and HVAC, each structure has been meticulously rebuilt with energy efficiency, longevity, and ease of maintenance in mind.

Stats

Price $3,600,000

Current CAP 5.47%

Proforma CAP 5.47%

Price p/ Sq. ft. $781

Price P/ Unit $600,000

Background

Initially listed by Courtney Pickard of Bryant\Reichling, a trusted Compass team known for their expertise in Hollywood and Northeast LA, the property had ambitious pricing goals. To maximize results, Bryant\Reichling partnered with us , building on our record-setting Silver Lake sale in 2023 – a sales record for rent-controlled fourplexes (click here for the full success story). The collaboration between Kenny Stevens Team, Bryant\Reichling, and Compass delivered unparalleled exposure for the property across Southern California’s residential and multifamily markets.

Challenge & Result

With its meticulous updates and premium location, 2016 Vista del Mar was bound to garner interest. Beyond traditional marketing platforms, our 2 email campaigns to approx. 18,000 investors and agents averaged approx. 6,000 opens per campaign (30% open rate) and 350 OM views (2% click rate). Ultimately, we identified the elusive ‘needle in a haystack’ buyer: a local investor who had been tracking the property for months. In a 1031X, the buyer sought a “hands off” investment with minimal management responsibilities. After a seamless 60-day escrow, the property sold for $3,600,000, achieving the HIGHEST PER UNIT SALE FOR RSO (RENT-STABILIZED) PROPERTIES IN HOLLYWOOD SINCE THE PANDEMIC.

Speaking for myself and everyone involved, you were absolutely the best broker we could have selected to market our portfolio. You found an incredible buyer and were able to guide us through so many challenges, including a global pandemic, and secured us a price beyond our expectations.

- Seller (60 Units by The Grove)

“I cannot say enough great things about KST. They take care of you, they have the connections needed, and they get the job done! We were amazed at how quickly our sale went through during the COVID pandemic.”

- Seller (4 Units in Beverly Grove)

“It was truly a pleasure working with Kenny. He is professional, honest, hardworking and most importantly did what he said he would. Kenny sold the property at list price in less than 60 days from start to finish.”

- Seller (Beachfront Generational Asset in Playa del Rey)

Next Success Story.

10883 Rose Ave., Los Angeles
Price Paid: $4,650,000
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10883 rose - front of apartment complex with landscaping