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.

|

Additionally, 35 of the interior units have been renovated andfeature high-end, quality fixtures with new appliances, granitecountertops, vinyl plank-wood flooring and large closets. Thelandscaped property has a swimming pool, barbeque area and onsiteparking.

|

As Harris notes, demand in Culver City is high for luxuryapartments, probably due to the high concentration of creativecompanies and entertainment companies moving in. In a recent story,GlobeSt.com reported that Hackman Capital Partnerspurchased the historic Culver Studios for $85 million.The studio has 13 sound stages and creative officespace.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.