Newmark recently completed the sale of a multifamily portfolio, known as Westside Trio, for $16.15 million. The properties are located in highly desirable neighborhoods in West Los Angeles and sold at a blended price per unit of $425,000 and blended price per square foot of $573.
The portfolio includes three properties: 1823 N. Fuller Ave. in Los Angeles, 8730-8736 Holloway Drive in West Hollywood, and 1335-1351 Manhattan Beach Blvd. in Manhattan Beach.
Managing Director Anthony Muhlstein, Senior Managing Director Chris Benton, Co-Head of US Capital Markets Kevin Shannon,Vice Chairman Ken White,and Senior Financial Analyst Gabe Munson represented the seller Chishima Real Estate while SLH Investments was the buyer.
According to Muhlstein,”Changes to local policies have created attractive opportunities for acquisitions within key areas of Los Angeles.” He also noted that securing prime assets like these three properties is rare due to high competition within the market.
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