Colliers International Sells 60-unit –Apartment Community in Culver City, Calif. for 5.7 CAP Rate
Culver City, CA – June 1, 2011 – (RealEstateRama) — Colliers International, the second largest global real estate services organization, recently sold a 60-unit apartment complex, The Keswick Court Apartments, located at 3902-3920 Lenawee Ave, Culver City, Calif.
Kitty Wallace, Executive Vice President based out of Colliers International’s West Los Angeles office, represented both the Seller, private investors, and the Buyer, M West Holdings LLC, a Los Angeles-based real estate investment firm in the transaction.
“The Keswick Court Apartments are located in Culver City, a city in Los Angeles that has recently been transformed by redevelopment and new infrastructure. This sale was a bit more challenging due to the age of the building; however, we were able to sell the city’s non-rent control ordinance,” said Wallace. “We also emphasized the resurgence of the Culver City market which has not yet peaked”
“Over the past three months we have noticed that the Los Angeles apartment market has gained momentum which helped with this sale. Our team just closed three deals in three weeks, which is a reflection of the kind of demand we are seeing for investment properties. According to a recent report by RCA, multifamily sales volume in Los Angeles increased by 138% in Q1’11 YTD. The city now ranks amongst the nation’s top four most active multifamily markets since 2010,” states Wallace.
The Keswick Court Apartment complex was built in 1957, and includes common area amenities such asa swimming pool, leasing office, landscaped courtyards, two laundry facilities, and 64 open or gated tuck-under parking spaces. The property also has an excellent unit mix and is comprised of 15 three-bedroom, two-bathroom units; 27 two-bedroom, two-bathroom units; 8 two-bedroom, one-bathroom units, 3 one-bedroom plus a den, and two-bathroom units, and 7 one-bedroom, one-bathroom units.
About Colliers International
Colliers International is a global leader in real estate services with more than 15,000 professionals operating out of 480 offices in 61 countries. As a subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), Colliers offers the stability of a strong financial partner and significant local ownership providing clients with accountability and enterprising real estate solutions. Colliers provides a full range of services to real estate users, owners and investors worldwide including: global corporate solutions; sales and lease brokerage; property and asset management; project management; hotel investment sales and consulting; property valuation and appraisal services; mortgage banking and insightful research. The Lipsey Company and National Real Estate Investor magazine ranked Colliers International as the world’s number two commercial real estate brand.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
Contact:
Angela Hwang, Regional Marketing Coordinator
Greater Los Angeles, Colliers International
Tel: 213 532 3258
angela.hwang (at) colliers (dot) com
www.colliers.com
