Adjacent to several of the most popular shopping and dining destination in Los Angeles, this phenomenal apartment portfolio had been with the family since the patriarch of the family developed it in the 1960’s. With his passing and the beneficiaries tired of management headaches, the decision was made to cash out.
Beverly Grove Portfolio Sale Amidst COVID-19 Pandemic
Hayworth Avenue Portfolio
Sold for 98% of Listed Price
The Hayworth Portfolio features four apartment buildings comprised of 60 units in the charming and highly-desired neighborhood of Beverly Grove. Located on a quiet residential block just east of Crescent Heights Boulevard, the portfolio is adjacent to some of the most popular shopping and dining destinations in LA, including The Grove, Beverly Center, Beverly Hills and West Hollywood. Additionally, the units offer a significant value-add opportunity to a potential investor, as current are approximately 65% below market for nicely remodeled apartments. The portfolio stands out as a noteworthy investment opportunity in a highly coveted location with significant financial upside.
City Beverly Grove
Sq. ft. 56,896 SF
Current CAP 2.81%
Price p/ Sq. ft. $393
Price P/ Unit $372,50
Lot Size 50,725 SF
After all contingencies were removed, it was discovered that several of the units were non-conforming. Additionally, there were several unresolved and complicated title issues that needed to be addressed.
Escrow closed in mid-March, during the height of the Coronavirus panic. The sellers were thrilled and relieved that Kenny was able to close the deal at 98% of the listed price. Meanwhile, the buyer acquired a large asset in 90048 with significant upside on rents, which fit his acquisition criteria perfectly.
Kenny allowed me to move on with selling my property as quickly as possible. During a time of regulatory change, his real estate knowledge was able to time the markets perfectly to get me the best return on my investment. I look forward to continuing my future business projects with him!
I wanted to reach out and thank you for donating a share of your Ridgewood commission to A Place Called Home. When Selwyn told me that he had asked, and you agreed I was overwhelmed. A Place Called Home ( APCH) is a cause dear to my heart. I have sat on the board for the last five years and this June I will become the Chairwoman. Thank you for your great service, and I look forward to many more deals down the road.
I chose to hire Kenny over the other agents because of his dedication and persistence over the years, as well as his keeping me abreast of current market trends. I was extremely happy with the price he got us, and over all I would say his team performed brilliantly.