LOS ANGELES, CA – October 21, 2014 – (RealEstateRama) — NAI Capital’s Tim Steuernol and Rob Zaharia with the West L.A. office represented the seller, Wilcox Gateway Partners LLC, and the buyer, NHVA1-XVlll, in the sale and purchase of the Wilcox Gateway Properties which consists of 24 units on four parcels of land located at 1812 -1830 Wilcox Ave in Los Angeles, CA. The value of the sales transaction was $4.4 Million.
The Wilcox Gateway is made up of four properties on four separate, contiguous parcels located in Hollywood. The properties have a mix of single, 1-bedroom and 2-bedroom units. Three of properties were built in the 1920’s while the fourth was built in 1986. Because the fourth building was built after 1978, it was not subject to rent control. The new owner plans to relocate the existing tenants and completely renovate all 24 units.
Tim Steuernol notes, “The portfolio attracted a very broad investor pool both because of its development potential, the property was entitled for 36 luxury condos, as well as its tremendous value add as its current use. Because the seller originally planned to demolish the existing 24 multi-family units to build condos, they had not extensively upgraded any of the units leaving the rents 30% below market. That created opportunity for a new investor to reposition the existing buildings through renovation.”
Rob Zaharia adds, “The seller selected the buyer from a pool of offers from qualified developers, syndicators, foreign investors and local private investors. Ultimately, the portfolio was purchased by a buyer with intimate knowledge of the market. They plan to breathe new life into the properties making them more relevant for the current renter pool in the Hollywood market today.”
The Wilcox Gateway parcels are located near Cahuenga Blvd. and Franklin Avenue in close proximity to the Hollywood & Highland, the Pantages Theater, Arclight Theater and two Metro Red Line stations.
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California member of NAI Global, a premier real estate service network in 55 countries with 375 local offices and 6,700 local market leaders spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage BRE #00806840.
Contact: Sharon Fitzgerald, Public Relations, 818.742.1655 and
Blog link: http://ublog.naiglobal.com/naicapital/2014/10/20/hollywood%E2%80%99s-wilcox-gateway-properties-sold-for-4-4m/
Sharon Fitzgerald
P.R. & Advertising
NAI Capital, Inc.
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Encino, CA 91436
Office: (818) 905 2400 x 155
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www.naicapital.com
