The seller's representative, Mark McDonald of the Los Angeles office of Phoenix-based Hendricks & Partners, says the buildings are at 809 W. 23rd St., 1306 S. Westlake Ave., 2625 S. Harvard Blvd., 4210 Kansas St., 4807 S. Gramercy Place and 8640 S. Denver Ave. The portfolio was 95% occupied at the time of the sale. All properties were all built in the 1920s of wood frame and stucco construction and all are within the vicinity of the 110 and 10 freeways.
The breakdown is 25 units at Westlake Avenue, 24 apartments at 23rd Street, 20 at Gramercy Place, 11 at Harvard Boulevard and eight each at Denver Avenue and Kansas Street. The units average 588 sf and rent for an average of $456 per month. The area's average monthly market rate is $532. Larry Cannizzaro of Beitler Commercial Realty Services in Brentwood represented the buyer, PI Properties.
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