Hooman Ghaffari of the West Los Angeles office of Grubb & Ellis says a Los Angeles-based private investor purchased the complex, which was built in 1929, from the Kendall Family Partnership of Los Angeles for $1.125 million.
Ghaffari, who represented both the buyer and the seller, says the new owner plans to completely upgrade the three-story brick building. He says the buyer plans to restore the building to its original condition by refinishing the hardwood floors, restoring the hallways and entryway, upgrading the gardens and completing other renovations. The Grubb & Ellis broker notes that the property consists of a rare mix of all two-bedroom, one-bath units, with more than 1,000 sf of living space in each unit. The asset, which was exempted from Los Angeles rent control in 1986, was 92% occupied at the time of sale.
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