Apartments Command $417,000 Per Unit

In the 1132 S. Doheny Drive transaction, the buyer acquired a nine-unit property that was built in 1982 and includes a condominium map recorded in 1981, according to Team Lustig-Bower of CB Richard Ellis, which brokered the deal. The property sold for more than $3.7 million, or $416,666 per unit, closing at a cap rate of 3.4%, reports Adrienne Herman of Team Lustig-Bower.

In another transaction brokered by Team Lustig-Bower, Rory Ferlauto reports that a seven-unit complex at 1419 S. Westgate Ave. that was built in 1950 sold for more than $1.3 million to a private investor for future development, closing at a cap rate of more than 4.5%. Although the property does not offer any amenities to its residents, it generated very competitive multiple offers, Ferlauto says.

In the 156 S. Crescent Drive deal, Brian Jensen in Charles Dunn's West Los Angeles office reports that the Gabor Living Trust bought a 6,789-sf complex that was built in 1926 from two individual investors for approximately $2.1 million. In the 424 S. Burlington Ave. transaction, Brent Sprenkle of Sperry Van Ness in Los Angeles reports that San Francisco-based Rombauer 9 LLC paid $1.4 million for a 28-unit apartment building in Hollywood. Sprenkle represented both the buyer and the seller, an Escondido, Calif.-based private investor. The property was built in 1922 and is a two-story building consisting of 28 studio/one-bathroom units that rent for an average of $440.