WEST HOLLYWOOD, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $5.68 million sale of two fully occupied apartment properties in prime West Hollywood. The properties include the Sweetzer Apartments, a nine-unit apartment property, and the Rosewood Apartments, an eight-unit apartment property.
Principal Kimberly Stepp of Stepp Commercial represented the seller, Sweetzer Rosewood LP, and Senior Vice President Mark Ventre of Stepp Commercial represented the buyer, Metros Capital 2 LLC, in the transactions. Each property sold for $2.84 million, with the Sweetzer Apartments closing at a 2.3 percent cap rate and a price per unit of $315,000, and the Rosewood Apartments closing at a 2.6 percent cap rate and a price per unit of $355,000.
“West Hollywood has long been and will remain one of Los Angeles’ most dynamic and popular lifestyle districts,” said Stepp. “The area’s high barriers to entry and low vacancy rates make sourcing quality investment opportunities with significant upside a rare find. These classic, well-maintained West Hollywood properties feature rents well under market and are destined for a major repositioning and improvement program.”
Ventre added: “These two buildings will likely be extremely profitable for the buyer who has a high-end renovation plan and a long-term hold horizon.”
Originally built in 1957, the Sweetzer Apartments are a single building, two-story property located at 561 Sweetzer Ave. The property consists of one three-bedroom, one two-bedroom and seven one-bedroom units. The units feature spacious floor plans, updated kitchens, tiled baths with some units offering hardwood floors and/or private patios. The property also offers covered parking and onsite laundry.
Originally built in 1960, the Rosewood Apartments are a single building, two-story property located at 8355 Rosewood Ave. on a quiet tree lined street. The property consists of four two-bedroom and four one-bedroom units. The units feature spacious floor plans with upgraded kitchens, hardwood floors, tiled baths and private patios. The property also offers subterranean parking and onsite laundry.
In terms of shopping, dining, night life and culture, West Hollywood is at the heart of the best Los Angeles has to offer. The properties enjoy a central location just a few blocks from the trendy shopping and dining on Melrose Ave and are only a half-mile from Sunset Blvd. The surrounding community is the hottest destination in Los Angeles for the entertainment industry with its boutique hotels, celebrity-owned restaurants, unparalleled nightlife and shopping and world-renowned events like the HBO Emmy Party, Sir Elton John’s Annual Oscar Party, LA PRIDE and the West Hollywood Halloween Carnaval, the largest Halloween street party in the world. West Hollywood continues to set the standard for progressive, creative individuals on the cutting edge of trends and new ideas.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property sector. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com