Mark McDonald of the Los Angeles office of Phoenix-based Hendricks & Partners says Franklin and Patricia Ann Yee of Rolling Hills Estates, CA purchased the property at 4321 Imperial Highway from the Hamburger Family Trust of Topanga, CA for $2.3 million. McDonald represented both the buyer and the sellers, descendants of a man who had owned the property for 32 years.
Rents at the time the property was listed averaged $465 per month. But, McDonald tells GlobeSt.com, during the time of the listing, a unit that became vacant was rented at $625. "Rent could get to $700," he says.
The property was built in 1958 and was 95% occupied at the time of the sale. All of the units are one-bedroom, one-bath apartments that measure approximately 520 sf each. The complex is a two-story walk-up of wood frame-and-stucco construction.
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