Lee & Associates Transacts $2.55 Million Multifamily Sale in Westwood

Sale Shows That Location Still Commands Top Dollar

 

SHERMAN OAKS-Oct. 24, 2008-An 8-unit apartment building in Westwood, Calif. has been sold for $2.55 million after just 28 days on the market, according to Mike Smith and Craig Stevens, brokers with Lee & Associates-LA North/Ventura, Inc., a full-service commercial real estate brokerage and member of the Lee Group of Companies.

The sale price for the property, at 650 Midvale Ave. in Westwood, represents a 3.2 percent cap rate, an especially low cap rate by any standards, and all the more significant in the current market where cap rates generally have risen by at least 100 points in this area.

“The fact remains that investment properties in good locations are still commanding high prices,” said Mike Smith, a Senior Associate in Lee’s Sherman Oaks office, who, with Stevens, represented the seller. “The irreplaceable Westwood location, rental upside and the potential for future redevelopment at this site were strong motivators for the buyer.”

Cap rates in many cases have risen from an average range of 4-5 percent a year ago, and are now averaging 6 percent and higher.

The apartment house, built in 1950, sits on a 7,800-square-foot lot near the University of California, Los Angeles.

The buyer and seller were private investors.

 

About Lee & Associates - LA North/Ventura, Inc. 

Lee & Associates®, founded in 1979, is one of the largest regional commercial real estate providers in the United States. Lee & Associates – LA North/Ventura, Inc., a member of the Lee & Associates Group of Companies, is headquartered in Sherman Oaks, Calif., with additional - offices in Calabasas, Ventura County and Antelope Valley, Calif., serving clients needs for

industrial, office, retail and investment/multi-family property across the San Fernando Valley, Santa Clarita Valley, Antelope Valley and Ventura County. For more information, contact Lee & Associates – LA North/Ventura office at (818) 986-9800, 15250 Ventura Boulevard, Suite 100, Sherman Oaks, California 91403. For more information about the organization, visit us online at www.lee-associates.com.

 

Shelly Garcia

818.933.0317

sgarcia@lee-re.com