LOS ANGELES,CA - A 33-unit apartment property in the Palms neighborhood of Los Angeles traded for $9,500,000 after the listing attracted over a dozen offers, according to Lee & Associates’ Ryan O’Connor, who represented the buyer and seller in the transaction.
The Regent Apartments at 9404 Regent St. is located a short walk to the Palms Station Metro Line and the Culver City Metro Station. It has a walkscore of 94 owing to its proximity to downtown Culver City, where revitalization continues to generate ever more tech and media job opportunities and a growing list of amenities.
“This listing benefited from so many factors it was not surprising that we generated so many offers,” said O’Connor. “In addition to its transit-oriented location, proximity to a growing tech hub with expanding employment opportunities and walkable amenities, the property offered a rent upside of more than 30 percent.”
The property also features a very attractive unit mix with 12 studios, 18 one-bedroom, one-bath units and three two-bedroom, two-bath units.
As rental rates continue to skyrocket in Santa Monica and other beach cities, tech companies are turning to Culver City for more affordable alternatives, bringing with them increased housing demand. Amazon is expected to lease more than 600,000 square feet in two new projects, the redeveloped Culver Studios and Culver Steps. Apple is expected to take over the entire 128,000-square-foot 8777 Washington Boulevard building now under construction and another 85,000 square feet at 5500 Jefferson Boulevard. Apple has said it expects to have more than 1,000 employees in Culver City in the next three years.
In all, more than 3 million square feet of new office and residential developments are underway in the submarket.
The seller and buyer of The Regent Apartments were both private investors.