Marcus & Millichap closed the sale of 1203 N. Kings Road, a 30-unit multifamily property in West Hollywood. The property sold for $7.98 million, or $266,000 per unit.
“The property presented the buyer with a rare opportunity to acquire a well-located West Hollywood asset at an attractive basis with significant value-add potential,” said Tony Azzi, executive managing director investments. “With opportunities to renovate vacant units and improve operations, the buyer is well positioned to enhance the property’s long-term cash flow. West Hollywood continues to benefit from strong rental demand driven by limited housing supply, walkability and access to major employment and lifestyle destinations throughout Los Angeles,” added Rabbie Banafsheha, senior director investments.
Azzi and Banafsheha, of The Azzi Group in Marcus & Millichap’s Los Angeles office, had the exclusive listing to market the property on behalf of the seller. Azzi, Banafsheha, Arteen Zahiri and Ian Habbestad, also of The Azzi Group, procured the buyer.
The post Marcus & Millichap’s Azzi Group Closes Value-Add Sale of West Hollywood Multifamily appeared first on Connect CRE.
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