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Stepp Commercial, a multifamily brokerage firm based in Los Angeles, has announced the sale of a fully occupied, 16-unit apartment building located at 1331 Havenhurst Dr. in West Hollywood.
The property was sold for $5.2 million. Kimberly Roberts Stepp, principal with Stepp Commercial, worked with both the buyer and seller. The buyer was Los Angeles-based A Sierra Apartments LLC, and the seller was a Los Angeles-based family trust. The price per unit was $325,000.
Built in 1956, the two-story property consists of 12 two-bedroom units and four one-bedroom units. It is located just south of the Sunset Strip and is near Havenhurst Park.
“We received multiple offers on the asset and the seller selected one of the buyers I brought to the table as it offered the most favorable terms,” said Roberts Stepp. “This asset offered the buyer future appreciation as well as the opportunity to add value through upgrading units as they become available.”
Zam – This would be overkill IF this was the first story regarding the sale of a rent stabilized apartment building but it is not. This is just merely but one in a sad and tragic string of similar scenarios. At this Tuesday’s City Council meeting the perhaps final fate of three rent stabilized apartment buildings will be decided. These structures abut one another on Norton Avenue and will result in a NET LOSS of 16 rent stabilized units. The overkill is the sale and seemingly eventual destruction of rent stabilized apartment buildings. BTW – I was saddened to read… Read more »
Since when is the sale of a rent controlled property worthy of its own news story. I’m 100% for rent control and against the Ellis Act. I mean it took me 6 months to find a decent handicap accessible apartment in town and I’m still paying almost 5k/mo and not protected by rent control. On top of that I have to worry about my ll using Ellis to evect me or a being payed a moving fee which won’t even cover the cost of an accessible retrofit and will in no way give me enough time to find a new… Read more »
rick, you’re right, it’s all those republicans who cause all the problems. and how dare these republicans like jerry brown, and the thieves who control both houes of the legistlature with super majorities pose as caring, thoughtful democrats ! that should be investigated. and i’ll also bet by this logic, the the west hollywood city council and their appointed planning commission henchmen, oops, and henchwomen, are also closet republicans. this makes perfect sense. maybe lindsey horwath can sign an executive order to ban the ellis act, becasue that’s what real leadership does when they are unable to work in concert… Read more »
I fear Dan is probably right. Where the heck is our state legislature and governor on reforming Ellis??? I’ve come to expect no better of the GOP, but when will folks hold blue-dog Democrats (like now-Congressman Jim Costa) to their promises to kill this horrid law–as well as Costa’s shameful legacy that further gutted local rent controls?
Just wait, It will torn down and replaced by a Condo complex within 36 months.
I would not be shocked if this building and its tenants eventually are the victims of the dreaded Ellis Act, no matter what is being said now.
It’s a good business if you’re a cash buyer and most buyers of these properties are paying cash. The article didn’t say what the gross rents were, but I’m sure the new owner is hoping for vacancies and then future rent hikes. At least it’s a not a developer looking to tear it down!