In the second transaction, a private investor purchased an 18-unit complex at 2630-2636 Garth Ave. from another private investor for $2 million, Grubb & Ellis reports. The two-building, wood frame and stucco complex, which was built in 1963, is was 100% occupied at the time of sale by Yoramco Properties Ltd. of Tarzana. Barry Baker and David Shirazi of Grubb & Ellis' West Los Angeles office represented the seller, with Abbot Kinney Realty representing the buyer.
In the third deal, Team Lustig-Bower of CB Richard Ellis reports that it brokered a sale in which a private investor acquired a 10-unit building at 1122 S. Doheny Drive from another private party for more than $1.2 million. Although the property does not offer any amenities or parking spaces to its residents, it generated multiple competitive offers at and above the asking price of $1.2 million, with the winning bid at $70,000 above the asking price.
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