A local developer has made a significant move by investing $18.5 million in a prime Brentwood apartment complex, underscoring the unique opportunities in one of Los Angeles' most affluent neighborhoods.
Property Highlights:
- Location: 605 S. Barrington Avenue, Brentwood.
- Units: 40-unit multifamily complex.
- Price: $462,500 per unit, significantly higher than the LA average of $360,000 per unit.
- Historical Significance: One of only five properties with 40+ units sold in Brentwood in the last decade.
Wiseman Residential seized this opportunity, purchasing from a family owner ready to transition to passive investments after 55 years. Despite market challenges such as increased debt costs and the new 5.5% ULA transfer tax, this deal highlights the enduring appeal of high-quality multifamily properties.
Why Brentwood?
- Premium Rental Market: Average rents at $3,330 per month, 45% above the LA average.
- Investor Confidence: Despite broader market hesitations, strategic investors continue to see value in Brentwood.
About Wiseman Residential:
- Portfolio: 122 multifamily properties in the LA region.
- Ongoing Projects: Hundreds of units under construction, including a new 68-unit building at 3659 Motor Ave.
This transaction showcases the robust potential and resilience of the Brentwood real estate market. Interested in exploring similar opportunities? Contact us today!
Frank: (310) 503-4158 Viktorie: (424) 301-0075
Invest in your future with The Ponce Real Estate Group!
