BEVERLY HILLS, CA - Local real estate investment firm Cresta Properties has acquired a 45-unit multifamily property in Beverly Hills, CA from a private seller in a transaction valued at $3.5 million.
The Royal Palm is located at 320 N. Palm Drive on land subject to a 44-year ground lease near the intersection of N. Doheny Drive and Burton Way and minutes away from the City’s famed Golden Triangle. The four-story security apartment features a resort-style roof-top pool and amenity deck, garden terrace and gated underground parking to accommodate 60 automobiles.
“This is a generational asset in one of the most coveted ZIP codes in the world,” said David Abaian Acquisition Manager at Cresta Properties. “This was a rare opportunity to acquire a quality Class A asset in a high-barrier-to-entry market like Beverly Hills, where similar fee simple assets are going for as much as $650,000 per unit. Given that Beverly Hills has experienced an annual appreciation of 5% over the past 16 years, this is a very attractive long-term investment for Cresta” he said.
The Royal Palm was 100% occupied at the time of closing.
This is Cresta’s third multifamily acquisition in the past several months. The Beverly Hills-real estate investment firm headed by local real estate executive Reuben Robin, recently closed on a 49-unit apartment complex in Los Angeles’ Koreatown, and in two separate transactions, acquired 144-unit and 208-unit garden-style apartment communities in Dallas, TX. Cresta also is in development of a 770-bed student housing facility in Dallas, Tx.
Cresta is planning to invest up to $400 million over the next 24 month for opportunistic investments in multifamily and commercial properties, according to Abaian.
About Cresta Properties: Cresta Properties is a privately held real estate investment firm located in Beverly Hills California, that is attentive in acquiring commercial real estate on the west coast of the United States. Since its inception in 2011, Cresta Properties has acquired more than 1,500 apartments and 400,000 SF of Commercial space in the Western United States.