Adjacent to the Sunset Strip and located in one of West Hollywood’s historical residential neighborhoods, this mid-century architectural gem had been with the Sellers for over 20 years. The owners were tired of dealing with West Hollywood rent control policies; resulting in the decision to trade out and diversify to other investment opportunities.
About The Property
This one-of-a-kind, 16-unit condo-quality apartment building is situated adjacent to the famed Sunset Strip (located south of Sunset Boulevard and west of Crescent Heights Boulevard) in an iconic residential neighborhood of West Hollywood. This trophy asset features 16 two-bedroom/ two-bathroom apartment homes that are meticulously designed with low maintenance and longevity in mind.
Stats
Price $10,100,000
Year Built 1961
Units 16
Current CAP 4.48%
Price p/ Sq. ft. $562
Price P/ Unit $631,250
The Challenge
With the sellers having limited flexibility on price, Kenny was looking for a “needle in a haystack” buyer who would appreciate the quality of construction, PRIME West Hollywood location and strong in-place tenant profiles.
The Solution
Kenny emphasized in-person tours to highlight the quality of this asset, compared other properties of similar vintage that are on the market. In total, he toured more than 30 different buyers over 7 months of marketing.
The Result
Contingencies were removed in January. While other broker’s deals have been falling apart left and right, Kenny’s industry expertise and superior negotiating skills allowed him to keep the deal alive throughout the turmoil of the pandemic. The sellers were elated and relieved that Kenny was able to close the deal at 98% of the listed price in the middle of a global pandemic. Meanwhile, the buyer was thrilled to acquire a stabilized asset in a highly-demanded rental market.
