A four-story non-rent controlled apartment building 1320 N. Sierra Bonita Ave. has sold for $18.5 million.
The building, which has 23 two-bedroom units, 12 one-bedroom units and 17 studio units, was built in 1987. Its last publicly recorded price was $4.2 million for a sale in 1999, reported on Redfin.com.
Hamid Soroudi of Charles Dunn Company represented the seller, 27th/Pico Boulevard, L.P. Travis Greene, also with Charles Dunn, represented the buyer, 1320 North Sierra Bonita Apartments, LLC. The 39,348-square-foot building contains an elevator, a two-level subterranean parking garage, arental office, a pool, a spa and afitness center.
“This property garnered several offers and was very desirable as it is a non-rent controlled asset with an upside in rents,” said Soroudi in a press release from Charles Dunn. “The buyer plans to add value through renovating the units and bringing them up to market rates.”
A recent listing of a one-bedroom apartment on Realtor.com gave the monthly rent as $2,195.
the West Hollywood Street Address List shows Sierra Bonita addresses within WeHo’s city limits as 900 – 1099.
1320 Sierra Bonita is well inside L.A.’s city limits.
Where is the controversy? Or the story? It was $4.7m back IN 1987. That’s like 30 years …. It is normal property value increase. My family bought a giant home in Hancock Park for $85,000 ….. Back in 1966 (fifty years now, right?) My condo has tripled in value in 20 years.
What is this article about?
I don’t think this building is in West Hollywood, right? The 1300 block is north of Fountain & on the Eastside, I don’t think the City extends that far. If it’s in LA, their rent control is far different from West Hollywood’s rent stabilization ordinances. (I’m a landlord in both cities)
This property is not in the city of West Hollywood.
so now we see again who has really benefited from the city council’s cozy relationship with big developers…property owners who can garner such enormous sales prices for these apartment buildings. they build a city park with a dog run and everyone gets jazzed and says ‘wow, the city has answered my prayers…” sure, some moral victory. this city is pricing ordinary people and businesses out of existence. tear something down and build up to the sky, or at least high enough. change your city plan, change your rules of engagement on heights, parking, density and all the while, sell your… Read more »
Yay! A bunch of overpriced “luxury” apartments that no one can afford. Just what the city needs.
$2195 isn’t market rate for a one-bedroom? Just kill me now.