Stepp has completed the $2.25 million sale of a fully occupied, value-add 10-unit apartment property located at 3222 Hollydale Drive in Atwater Village, CA.
Stepp Commercial’s Darin Beebower, Mark Ventre, and Rockwell Allen represented both the seller, a Los Angeles-based private investor, as well as the buyer, also a private investor from Los Angeles. The closing cap rate was a low 3.1 percent and the price per unit was $225,000.
“Atwater village continues to gentrify, and has become the preferred destination for many millennials and young families,” said Beebower. “this property offers the buyer the opportunity to double current income by implementing a complete building renovation program.”
Built in 1959, the two-story property includes three two-bedroom units and seven one-bedroom units. Two of the units were recently remodeled to include significant upgrades including laminate wood flooring, new kitchen cabinetry, and modern lighting and vanities.
“The buyer plans to renovate the units as they turn with high-end luxury finishes to accommodate the new tenant base moving into the area,” said Ventre.
Atwater Village has become one of the area’s hottest residential real estate markets as people are attracted to its small town, eclectic feel and as trendy coffee shops, bakeries, restaurants and boutiques continue to multiply and thrive. The city provides access to the 5 and 2 freeways and is a short drive to downtown L.A., Glendale, Burbank and Hollywood.