A 24-unit multifamily apartment complex in Los Angeles’ Highland Park neighborhood has been sold. The property is near York Boulevard and North Figueroa Street. Its location provides access to Downtown Los Angeles, Pasadena, Glendale, and other areas of Northeast Los Angeles.
Marcus & Millichap Announce Sale of a Highland Park Apartment Property
Marcus & Millichap announced the sale of the 117 S. Avenue 64 residential property in Los Angeles on September 21. According to the official announcement, the 24-unit multifamily property sold for $6.2 million, or about $258,958 per unit. It covers 13,674 square feet on a 0.26-acre lot.
Neema Ahadian and Jeffrey Estrada of Marcus & Millichap’s Los Angeles office had represented the seller, Marq Apartments LLC, in the deal. They also represented the buyer, Capstone Equities LLC.
Neema Ahadian, Senior Managing Director Investments said, “We were able to identify a qualified 1031 exchange buyer and work through several due diligence challenges along the way, ultimately keeping the deal on schedule and delivering a strong result for our client.”
Property Details
The Neema Group of Marcus & Millichap presented The Marq, a 24-unit apartment property in Highland Park. According to the property listing, it was built in 1989 and is exempt from the Los Angeles Rent Stabilization Ordinance. The property includes 16 one-bedroom, one-bath apartments and eight two-bedroom, one-bath apartments.
The multifamily property also has gated ground-level parking with 14 single spaces and 12 tandem spaces. It had a 5.81% cap rate and a 10.33 gross income multiplier.
Most units have been renovated with stainless steel appliances, quartz countertops, updated cabinets, vinyl plank flooring and central air conditioning. Some second-floor units also have vaulted ceilings and private balconies.
Estrada, associate director of investments, said Highland Park continued to attract strong investor demand for newer-vintage, non-rent-controlled properties. He added that the property received seven competitive offers and that the team focused on qualifying buyers early to move quickly with a strong candidate and maintain momentum through closing.
