NorCal Buyer Wins ‘Bidding War'

LOS ANGELES-A San Francisco buyer has captured a two-building apartment complex for more than $7.6 million as competitive bidding by prospective buyers pushed the sale to $250,000 above the asking price for the 90 units in L.A.’s Mid-Wilshire district, according to Sperry Van Ness.

Brent Sprenkle of Sperry Van Ness in Los Angeles, who represented the Los Angeles-based private investor who was selling the property, says the complex “was the subject of a bidding war.” The complex includes two buildings called La Chandelle and La Marquise at 525 and 535 S. Gramercy Place, near the 10, 101 and 110 freeways. The buyer was Palmer Millennium Trust, which was represented by Mike Piro of Montgomery Partners. The per unit price of $85,000 was among the highest paid for comparable properties in the neighborhood, Sprenkle says.

Built in 1928, the complex was 100% occupied at the time of the sale. It consists of 17 one-bedroom, one-bathroom units and 73 studio units with rents ranging from $622 to $1,066. The building at 525 S. Gramercy is a five-story brick structure with a large lobby and ornate ceiling and security entrance, camera surveillance, elevator, rear patio and barbeque. The 535 S. Gramercy building is an eight-story concrete and steel structure with two levels of subterranean parking.

In another sale brokered by Sperry Van Ness, El Monte-based MPN-14 Ltd. paid $1.2 million for a mixed-use retail and apartment property totaling 5,750 sf at 1624 E. Cesar Chavez Ave. Luis Vazquez of Sperry Van Ness in Long Beach represented both the buyer and the seller, a private investor from Los Angeles. Vazquez reports that the property was under contract 20 days from being listed and garnered a full price offer. It was built in two phases, in 1970 and 2002, with a retail portion that was 100% occupied at sale. The apartment portion of the property includes three units and was 67% leased. It includes two two-bedroom, one-bath units and one one-bedroom, one-bath unit with rents ranging from $500 to $982.