Westside Apartment Building Portfolio Sells for $30M
Monday, February 28, 2022
The portfolio included 11735 Culver Blvd. in Del Rey.
The assets in the value-add portfolio were built between 1961 and 1971. The sale was the first time the family of the original developer placed the assets on the market.
Kevin Green, Joseph Grabiec and Greg Harris of Marcus & Millichap’s Institutional Property Advisors division and Voit Real Estate Services’ Peter Castleton represented the seller and found the buyer.
“After a very quick marketing process, we were able to procure a buyer that was non-contingent at contract signing and closed the sale of all six properties in just seven days, meeting and exceeding the strict requirements of ownership,” Green said in a statement. “The assets are in Los Angeles County’s Silicon Beach area near thousands of high-paying jobs in technology, health care, law and entertainment.
The portfolio included a 17-unit property at 11735 Culver Blvd. in Del Rey that was built in 1962; a 14-unit property at 11964 Lindblade St. in Culver City that was built in 1968; a 10-unit property at 4316 Berryman Ave. in Del Rey that was built in 1961; an 18-unit property at 2712 Abbot Kinney Blvd. in Venice that was built in 1965; a 24-unit property at 711 and 715 Machado Drive in Venice built in 1971 and 1970, respectively; and a 16-unit property at 450 S. Venice Blvd. in Venice built in 1968.
Multifamily assets have seen an incredibly high amount of investor demand. Last year $18.5 billion worth of apartment properties traded hands in the L.A. area, up from only $8 billion in 2020, according to data from CBRE Group Inc. The $18.5 billion number is also up significantly from the $13.3 billion worth of trades seen in both 2018 and 2019, CBRE found.
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