About The Property

The Hayworth Portfolio features four apartment building comprised of 60 units in the heart of Beverly Grove. Located on a quiet residential street just east of Crescent Heights Blvd, the portfolio is adjacent to some of the most popular shopping and dining destinations throughout Los Angeles, including The Grove, Beverly Center, Beverly Hills and West Hollywood. This generational portfolio had been with the prior owners for over 50 years, and offered significant financial upside, as current rents were approx. 58% below market compared to renovated units in the area.

Stats

Price $22,350,000

City Beverly Grove

Sq. ft. 56,896 SF

Units 60

Current CAP 2.81%

Price p/ Sq. ft. $393

Price P/ Unit $372,500

Background

The Hayworth Portfolio is adjacent to several of the most popular shopping and dining destination in Los Angeles. Located in a market where acquisition opportunities of this size are once in a generation, the Hayworth Portfolio stands out as a noteworthy investment opportunity with significant financial upside. This phenomenal portfolio had been with the family since the family’s patriarch developed it in the 1960’s. With his passing and the beneficiaries tired of management headaches, they contacted KST to cash out.

Challenge

After the buyer removed all contingencies, we discovered that several of the units were non- conforming. Additionally, there were several unresolved and complicated title issues that needed to be addressed.

Result

Despite the due diligence obstacles and an uncertain future with the COVID pandemic, escrow closed in Mar. 2020 at $22.35M. The sellers were thrilled that Kenny helped them navigate an unprecedented situation and closed the deal at 98% of the listed price.

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!

- Rick Sam

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.

- Barbara Glazer

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.

- 431 Marine St. (Seller)

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