LOS ANGELES, CA - Avison Young is pleased to announce that it has been awarded the exclusive listing of a high-end two-property Class A luxury apartment property portfolio totaling 45 units in Beverly Hills. Peter Sherman, a Principal and multifamily leader of the firm’s Los Angeles office, is leading the marketing campaign for the properties which are located at 9955 Durant Drive and 131 South Maple Drive, both adjacent to the Golden Triangle and the world-famous Rodeo Drive.
The properties can be acquired together or individually; both were recently remodeled and are 100% occupied.
“This is a special opportunity for a buyer with a long-term hold strategy to own Class A properties in arguably one of the most desirable and irreplaceable location in Los Angeles,” said Sherman. “To put the rarity of this opportunity into perspective, the City of Beverly Hills includes more than 740 apartment buildings over four units. But only five of those are Class A assets, including 9955 Durant and 131 South Maple. These types of properties almost never come available for purchase.”
Although constructed in the 1960s, the assets’ units were stripped to the studs and rebuilt to modern specifications including upgrades to mechanical, electrical and plumbing systems. As part of this major renovation, common areas were modernized, and unit interiors were reconfigured and designed with condo-quality finishes including wood plank-style flooring, squared-edge quartz countertops, wood cabinetry, stainless steel appliances, wine coolers and in-unit washer/dryers.
Sherman notes, “This level of redevelopment and renovation with corresponding rental increases is unlikely to be replicated in Beverly Hills due to current rental restrictions approved by the City in February 2017. Additionally, there is no Class A for-rent housing under construction or in the development pipeline here.”
9955 Durant Drive is five stories and was built in 1961 with remodeling completed in 2015. The property features 20 units with an average per-unit size of 1,681 square feet, and 39 parking spaces. The property includes a three-bedroom/2.5-bathroom penthouse, 18 two-bedroom units, and a one-bedroom unit.
131 South Maple Drive is six stories and was built in 1964 with remodeling completed in 2016. The property features 25 units with an average per-unit size of 1,291 square feet, and 34 parking spaces. The property includes a three-bedroom/two-bathroom penthouse, 16 two-bedroom units, and eight one-bedroom units. 131 Maple includes an exquisite rooftop lounge and cabana with dining area and barbecue grills and offering 360-degree views of Los Angeles.