{"id":1004125270,"date":"2015-08-13T07:46:00","date_gmt":"2015-08-13T15:46:00","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=357892"},"modified":"2022-12-09T02:34:42","modified_gmt":"2022-12-09T10:34:42","slug":"multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think\/","title":{"rendered":"Multifamily Asset Trades Hands for Price that\u2019s Smaller than You Think"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

As rents rise and vacancies compress in the city\u2019s core, investors are rushing to place capital on the market as quickly as possible. Westlake Village, CA-based BR Workforce recently completed the purchase of a multifamily property on Washington Boulevard. The company paid seller Dornin Investment LLC of Laguna Beach a total of $13.1 million for the community known as The Kelsey. The transaction was arranged by Berkadia Managing Director Brent Sprenkle.<\/p>\n

\"The<\/a><\/p>\n

The Kelsey<\/p>\n<\/div>\n

The Kelsey is located at 1408 West Washington Blvd, offering easy access to Interstate Routes 10 and 110. The multifamily asset also offers proximity to DTLA, as well as the Walt Disney Concert Hall, while major employers in the area include University of Southern California, USC Medical Center and Kaiser Permanente. Completed in 2012, The Kelsey offers 41 residential units featuring high ceilings, granite countertops and stainless steel appliances. The resident amenity package at the property is comprised of a recreation and entertainment room, as well as two levels of secured subterranean parking.<\/p>\n

Although trading at a per-unit price of around $320,000, the asset is considered a strong investment opportunity given the current makeup of the Long Angeles West area. According to Brent Sprenkle, the market \u201chas experienced healthy job growth and increased apartment demand over the last year, further enhancing the asset\u2019s appeal.\u201d<\/p>\n

Although much higher than the average per-unit price in the Los Angeles metro, increased activity in the area and the asset\u2019s age should translate to a slightly higher price. Sprenkle also noted that that this situation \u201cpresented the buyer with a particularly attractive investment opportunity.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

As rents rise and vacancies compress in the city’s core, investors are rushing to place capital on the market as quickly as possible.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742],"tags":[],"class_list":["post-1004125270","post","type-post","status-publish","format-standard","hentry","category-los-angeles","category-latest"],"acf":[],"yoast_head":"\nMultifamily Asset Trades Hands for Price that\u2019s Smaller than You Think - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multifamily Asset Trades Hands for Price that\u2019s Smaller than You Think\" \/>\n<meta property=\"og:description\" content=\"As rents rise and vacancies compress in the city’s core, investors are rushing to place capital on the market as quickly as possible.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-13T15:46:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:34:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/The-Kelsey.jpg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Multifamily Asset Trades Hands for Price that\u2019s Smaller than You Think\",\"datePublished\":\"2015-08-13T15:46:00+00:00\",\"dateModified\":\"2022-12-09T10:34:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think\\\/\"},\"wordCount\":275,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/08\\\/The-Kelsey.jpg\",\"articleSection\":[\"Los Angeles\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/multifamily-asset-trades-hands-for-price-thats-smaller-than-you-think\\\/\",\"name\":\"Multifamily Asset Trades Hands for Price that\u2019s Smaller than You Think - 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