Berkadia Completes $16.5 Million Sale of Five-Property Multifamily Portfolio in Beverly Hills, California
Beverly Hills, CA – January 21, 2022 – Berkadia announced today the sale of a five-property multifamily housing portfolio located in Beverly Hills, California. Managing Director Adrienne Barr of Berkadia Los Angeles Investment Sales, led the transaction on behalf of the seller. The deal closed on December 30.
The portfolio, consisting of five properties and totaling 28 units, sold for $16,500,000, which equates to $589,285 per unit; $674 per square foot; and an estimated 2.5 percent cap rate on in-place rents.
“The portfolio generated a lot of interest in the investment community. We received 21 offers, many of which were over the asking price,” said Barr. “Recent sales, such as this one, demonstrate the submarket commands among the highest pricing for apartment units in the metro as well as the nation. Beverly Hills evokes a special cachet that attracts residents and investors to the area. Superb retail amenities and access to several key job nodes, including Century City, also make this a compelling location for both renters and investors. As one of only two multifamily sales over 25 units in Beverly Hills in 2021, the portfolio offered a unique investment opportunity.”
The portfolio had been under the same ownership for two generations. The buyer was a local investor, who was attracted to the rental upside potential and value-add opportunity.
Located in phenomenal Beverly Hills locations, all within minutes of each other, the charming, jewel box properties are surrounded by multiple high-end retail stores, dining, entertainment, and top-rated schools. The portfolio boasts an average Walkscore of 91. All properties have fantastic access to metro transportation with two future metro stations within one half-mile or a very short walk from most of the buildings.