An 11-unit apartment building, located at 315 S. Hamel Road in Los Angeles, California, has sold for $3,950,000. Kidder Mathews’ multifamily investment broker, Michael Monempour, represented the seller, Bentley Place, LLC, a private real estate investment company. The buyer was Smith Spokane, LLC.
This sale was a record high for the 90048 zip code at $658 per square foot. The previous record was a sale in 2018 at $582 per square foot for a multifamily property located on N. Doheny Drive and W. 3rd Street, that Monempour also sold.
The apartment building is in the Beverly Grove neighborhood, just north of Beverly Hills, and it is considered one of the best areas in Los Angeles, with many projects in the works including the Metro train station, the Four Seasons’ condos, and the Rick Caruso skyscraper project scheduled for construction on the Lohemann’s site on La Cienega Boulevard. Major nearby employers include Cedars Sinai and the Beverly Center.
“This is the second time I have sold this property. Last year it sold for $3,225,000 with six of the 11 units vacant. Since then the property has become completely vacant, and even so, it generated a lot of interest during the marketing period,” said Monempour. “The buyer purchased the property under very favorable financing terms which gives him time to rehab and stabilize the asset. I believe it will do very well in the long run due to the popularity of the area,” he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 750 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 50 million square feet of space, and conducts 1,600 appraisals annually.