LOS ANGELES – Transwestern today announces it represented both parties in the sale of a multifamily building located at 467 S. Bonnie Brae St. in the Westlake neighborhood of Los Angeles. The 18-unit, non-rent controlled apartment building was acquired by a private buyer for $3.77 million. The $209,444 per unit sale price is the highest on record for the immediate neighborhood. Transwestern Senior Vice President Josh Kaplan and Senior Vice President John Swartz represented the buyer and seller in the transaction.
“The property represented an immediate opportunity to add significant value through increasing rents and reducing operating expenses,” said Kaplan. “The close proximity to downtown Los Angeles, shopping destinations and two floors of subterranean parking in a parking constrained area all contributed to the strong buyer interest in the property. We received multiple offers from qualified buyers, both private and institutional, within hours of putting the property on the market.”
Constructed in the 1990s, 467 S. Bonnie Brae St. is located less than a block north of the 6th Street retail corridor and just west of the Los Angeles Central Business District. Home to 120,000 residents, Westlake is second only to Koreatown as the most densely populated neighborhood in Los Angeles.
“Apartment rents in Koreatown continue to rise, causing tenants to seek affordable options elsewhere,” said Swartz. “As this trend continues, surrounding neighborhoods such as Westlake/MacArthur Park will continue to benefit, increasing investor appetite for well-located properties in this area of Los Angeles.”
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.