CULVER CITY, CA—A local, family investor haspurchased the Keswick Court Apartments complexfrom MWest in the upleg of a 1031exchange. The multifamily property has 60units and is set in a high-end neighborhood near many shops andrestaurants.

Located at 3902 Lenawee Ave., the property was built in 1957.Between 2011 and 2012, the property received a significant exteriorand mechanical renovation, according to GregHarris, the executive director at InstitutionalProperty Advisors, who advised the seller along withdirectors Kevin Green and JosephGrabiec. Matt Ziegler, VP of investmentsat Marcus & Millichap, advised the buyer.

“Keswick Court Apartments is a sizeablenon-rent-controlled asset in a market where thereis demand for luxury apartment homes, a significant affordabilitygap to home ownership, and a scarcity of new supply,” says Harris.He adds that in addition to the previously mentioned renovations,“additional revenue-generating improvement opportunities exist,allowing the new owner to modernize while maintaining insulationfrom the rents of more recently constructed apartment homes.” Hewas not available for further comment prior to the publication ofthis article.