943-47 N. Oxford Ave is a collection of meticulously designed modern townhomes that are the definition of luxury apartment living in Los Angeles. Situated just south of Santa Monica Boulevard, this new construction architectural gem is close to charming cafes, trendsetting restaurants and lively nightlife options along Hollywood and Sunset Boulevard. Developed to exceed the needs of high-income young professionals, these condo-quality townhomes include a private rooftop deck with unobstructed views of the Hollywood Hills and city, cutting-edge smart home technology, high-end stainless steel appliances, and so much more.
About The Property
Stats
Price $9,400,000
Year Built 2021
City East Hollywood
Sq. ft. 23,763 SF
Units 11
Proforma CAP 5.10%
Price p/ Sq. ft. $396
Price P/ Unit $854,545
Background
The Oxford Eleven is a newly-constructed collection of meticulously designed modern townhomes that define luxury apartment living in Los Angeles. This newly constructed trophy asset was previously listed with another agent and received zero offers. With our expertise and track record, the Sellers turned to Kenny Stevens Team to get the job done.
Challenge
We marketed the property before the lease-up, and potential investors questioned whether they could achieve the projected rents. We targeted marketing towards a “needle in a haystack” 1031 exchange buyer who would appreciate the unparalleled quality of construction. We toured over ten qualified buyers by emphasizing property visits and generating a competitive bidding environment.
Result
Within one month of listing the property, we generated multiple offers and got this new construction trophy property into escrow. The Sellers were ecstatic to accept an offer at $9.4M (95% of the listed price) before the lease-up, and escrow closed 60 days later! Closing at $854,000 per unit, the sale of The Oxford Eleven sets a new East Hollywood sales record.
