Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.6 million sale of Washington Place Apartments, an eight-unit apartment building located at 11852 Washington Place. The property is in the Mar Vista neighborhood which is situated between the Culver City and Venice neighborhoods of Los Angeles.
Principal Kimberly Stepp and Senior Vice President Mark Ventre of Stepp Commercial represented the seller, Los Angeles-based Venetian Place LLC, in the transaction. The buyer was Los Angeles-based S.R Properties LLC. The property sold for $575,000 per unit.
Built in 1990, the 11,482-square-foot, three-story building on a .26-acre lot consists of seven two-bedroom units including four townhouse style units with luxury amenities that include balconies, wood floors, vaulted ceilings with skylights, stone countertops, and a community backyard. There is also a three-bedroom single-family house on the site.
“This turn-key condo-quality, non-rent-control property in its emerging Mar Vista location will prove very attractive to tenants seeking a lower rent price point compared to nearby submarkets, and the buyer will benefit over time with bringing rents to market rates as tenants vacate,” said Stepp.
Ventre added, “We can continue to see upward pressure on values in Mar Vista as indicated by the aggressive price per unit we were able to secure.”
Its central Westside L.A. location is convenient to the 405 and 10 freeways and LAX.