Lee & Associates – Pasadena closes Architecturally Significant Harvard Heights HPOZ for $3,265,000
July 25, 2023 (Pasadena, CA) – Lee & Associates – Pasadena’s Robert Leveen, representing Wise Capital LLC (seller), and Gregory Kho, representing DMJJ Los Angeles LLC (buyer), successfully closed the sale of 1715 Westmoreland Blvd. in Los Angeles. This fully occupied income generating multi-family investment offers lucrative cash flow in a high-demand low vacancy neighborhood. Constructed in 1986, the property is located in the protected Harvard Heights HPOZ, renowned for architecturally significant homes.
The prime location near Koreatown enhances the property’s appeal, as it is surrounded by owner-occupied homes, fostering a strong sense of community. Its residents benefit from convenient access to the I-10 Freeway, local bus lines, and various shopping and dining options in Koreatown. Additionally, Downtown Los Angeles is merely a quick three-mile commute away.
For DMJJ Los Angeles LLC, this transaction presented an excellent opportunity to expand their real estate portfolio, while Wise Capital LLC utilized the sale to strategically reposition their assets. Despite the challenges posed by a volatile interest rate environment and increased lending requirements, the partnership with great lending partners allowed Lee & Associates – Pasadena to secure favorable interest rates for our clients.
Representing both parties in this transaction was crucial, considering increased borrowing costs and the ever-changing commercial real estate landscape. This incredible deal has proven to be a win-win situation for DMJJ Los Angeles LLC and Wise Capital LLC.
License ID 02033257
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Lee & Associates – Pasadena is a full service commercial real estate company headquartered in Pasadena, CA. Our client-focused brokers specialize in office, retail, tenant advisory, multifamily, and investment sales. As the fastest-growing broker-owned firm in the nation, with more than 60 office locations in North America, we are uniquely qualified to support our clients’ real estate needs in the local, national and international markets. For more information, visit lee-pasadena.com.