A private investor has acquired a value-add apartment deal in Culver City. The 14-unit apartment complex offered significant upside due to five vacant units. It provides the opportunity for the buyer to reposition 30% of the property immediately.
Located at 3240 Fay Avenue in Los Angeles, the property is located in the Arts District area of Culver City. It traded hands for $4.4 million, or $317,000 per unit.
SVP Mark Ventre of Stepp Commercial represented the seller and the buyer in the deal.
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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.
