Even though the market is chaotic right now – there are some assets that are faring better than others.
This renovated 56-unit apartment near the Grove in Los Angeles is a perfect asset to weather any storm. The property has been owned by the same private partnership for decades. It is meticulously maintained, self-managed and rented far below-market (average rents are under $2.20/ SF – compared to nearby comps that are routinely well over $3.00).
It has a sunny pool elevated about street-level, fully renovated corridors, exterior, lobby and a range of unit interior upgrades. There is the ability to add additional amenities, by converting the large storage room to a resident gym and adding common area furniture to the under-utilized courtyard. Unit interiors could be further improved by adding refrigerators or replacing cabinets.
Why would the owner sell right now? Newmontis has been tasked to quietly market this property because of a partnership dissolution, driven by estate planning and divergent capital needs.
While many lending sources have “paused” right now, the apartment lending market remains liquid – and Fannie and Freddie are funding at record-low rates.
The property is available at an in-place 3.8% cap rate, with a “market” cap rate over 6.5%. It is available for $18,500,0000.
For more information, call Vernon Jones of Newmontis Real Estate Investment Banking at 347.228.2374 or send an email to email@example.com