Marcus & Millichap Arranges the Sale of a 11-Unit Apartment Building
Jason Tuvia, a Senior Managing Director in Marcus & Millichap’s Encino office, had the exclusive listing to market the property. The buyer, a private incorporation in a 1031 exchange, was represented by Jason Tuvia, Kian Maronde, and Josh Yeager all part of the Tuvia Group of Marcus & Millichap.
The Property is located at 858 N La Fayette Park Pl, Los Angeles, CA 90026. The Property was built in 1915 and is subject to Los Angeles rent control. The listing team exchanged the seller out of a LA rent-controlled property with significant deferred maintenance into Glendale apartments. The Tuvia Group sold the property at $186,364 per unit and $488.79 per square foot. The property sold at a 5.11% cap rate and a 12.69 GRM as a value-add opportunity.
The seller was Batman House LLC and the buyer was the Goldfinger Group based in West Los Angeles.
The Property consisted of two (2) bachelor/one-bathroom units, seven (7) studio/one-bathroom units, and two (2) one-bedroom/one-bathroom units. The building had a unique architecture due to its history, dubbing it with the ‘Bat Man House’ moniker. Most of the rents were below market value.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.