$10.1M West Hollywood Multifamily Property Sells
West Hollywood Rent-Controlled Building Sells for $10.1 million
Prime Location adn Renovation Potential Attract Buyer in Competitive Market
West Hollywood, CA – A 40-unit multifamily property in teh heart of West Hollywood has sold for $10.1 million, according to Newmark. The off-market deal, brokered by Newmark’s Senior Managing Director Chris Benton, Managing director Anthony Muhlstein, Senior Analyst Gabe Munson, and Co-Head of U.S. Capital Markets Kevin shannon, reflects a price of $252,000 per unit or $397 per square foot.
The buyer,Festival Companies,was represented by the Newmark team.
“1260 Hayworth was sold at a compelling value, reflecting the current dynamics of the shifting capital markets environment,” said Muhlstein. “Despite these challenges,West Hollywood continues to thrive as a premier rental market,emphasized by its unparalleled location at the epicenter of Los Angeles’ entertainment,nightlife,and employment hubs.”
Located between Sunset Boulevard and Santa Monica Boulevard, 1260 Hayworth Avenue boasts a landscaped courtyard setting and is surrounded by West Hollywood’s moast desirable amenities. Residents enjoy easy access to the Sunset Strip, Santa Monica Boulevard, and Fairfax Avenue, renowned for their dining, shopping, and entertainment options.
“This rent-controlled asset offered a compelling possibility for our 1031 buyer,” Munson said, referring to the tax-deferred exchange mechanism. “The property provides notable upside potential through renovations and benefits from its prime location in West Hollywood, a historically low-trade market with many generational owners.”
The sale highlights the continued demand for well-located multifamily properties in desirable markets like West Hollywood, even amidst a shifting economic landscape.
West Hollywood’s Housing Market Heats Up: Rent-Controlled Building Sells for $10.1 Million
NewsDirectory3.com – A 40-unit rent-controlled apartment building in the heart of West Hollywood has sold for $10.1 million, signaling continued investor interest in the coveted market. The sale, which was brokered off-market by Newmark, underscores the allure of prime real estate even amidst shifting economic conditions.
We spoke with Anthony Muhlstein, Managing Director at Newmark, to gain insight into this important transaction.
NewsDirectory3: What factors contributed to the strong sale price of this rent-controlled property?
Muhlstein: “1260 hayworth was sold at a compelling value, reflecting the current dynamics of the shifting capital markets environment,” explained Muhlstein. “Despite these challenges, West Hollywood continues to thrive as a premier rental market, emphasized by its unparalleled location at the epicenter of Los Angeles’ entertainment, nightlife, and employment hubs.”
NewsDirectory3: the buyer, Festival Companies, utilized a 1031 exchange. Can you elaborate on this strategy and its appeal for this particular acquisition?
Muhlstein: “This rent-controlled asset offered a compelling possibility for our 1031 buyer. the property provides notable upside potential through renovations and benefits from its prime location in West Hollywood, a historically low-trade market with many generational owners,” explained Gabe Munson, Senior Analyst at Newmark.
NewsDirectory3: What does this sale suggest about the future of multifamily investments in West Hollywood?
Muhlstein: “The sale highlights the continued demand for well-located multifamily properties in desirable markets like West Hollywood, even amidst a shifting economic landscape.”
Located between Sunset Boulevard and Santa Monica Boulevard, the property at 1260 Hayworth Avenue offers residents easy access to the Sunset Strip, Santa Monica Boulevard, and Fairfax Avenue, renowned for their dining, shopping, and entertainment options.