The deal was brokered by Adrienne Herman of CBRE's Team Lustig-Bower, who tells GlobeSt.com that the locally based buyer acquired the property for $1.9 million from Y.H. and Lilla Sun of Los Angeles, who had owned the property for approximately 10 years. Herman represented the seller, with the buyer represented by Vlad Fayngold of Rexford Realty.
The complex was built in 1923 and includes three buildings, with 11 one-bedroom units and one two-bedroom apartment. Rents were well under the market, Herman tells GlobeSt.com, and she says the complex usually ran at 100% occupancy. Although the complex would have been an attractive investment even if it remained as apartments, Herman says the new owners see more upside in tearing down the existing complex and building condominiums. The buyers have successfully converted other West Hollywood apartments to condos, she notes. "There is a market for this sort of project because there are lots of dual-income residents here who don't have families and don't really want a house, but they would be interested in a condo," she says.
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