Seth Polen of the Downtown Los Angeles office of Marcus & Millichap, who represented the seller, says the two private investors closed the sale last week. The apartments are at 1041-1049 S. Genesee Ave. in the Wilshire Vista area just East of Fairfax Avenue and San Vicente Boulevard. Polen describes the Wilshire Vista area as a small residential pocket of architecturally interesting single family homes and apartment buildings in a very desirable part of the city.

The property consists of two buildings on two separate parcels, one of them eight units and the other four units, which were built in 1927 and 1936. The contract closed at a cap rate of 5.4%, yet another indication of the low cap rates that buyers are willing to accept in order to acquire apartments in Los Angeles.

The 12 units include seven one-bedroom apartments that rent for $797 to $1,276 and five two-bedroom units renting for $1,300 to $1,700 per month. The units average nearly 1,000 sf and were all occupied at the time of the sale.

The two apartment buildings are beautifully restored, Polen says, pointing out that they all feature 1920s and 1930s architectural touches and finishes that are rarely duplicated today, among them crown molding, curved doorways, large windows, balconies and hardwood floors. The buyer was represented by Mike Berlin of Weatherby Realty.