Located at 4417 Hazeltine Ave., the 22,585-square-foot building sold for more than $463 per square foot, or $435,833 per unit. The property sold for over 99.6 percent of its asking price as multiple buyers competed for the asset, according to Marcus & Millichap.
“We helped the seller purchase the property in mid-2019 with plans to reposition and add value to the asset,” Rick Raymundo, senior managing director of investments at the Los Angeles Marcus & Millichap office, said in a statement. “Though there were several external factors working against that strategy, including the passing of new statewide rent control and the COVID-19 pandemic, the property proved very resilient. In fact, the top rents for each floorplan were achieved through new leases signed during the peak of the pandemic in 2020, providing valuable reassurance to new investors.”
Raymundo represented both the buyer, Vue Sherman Oaks LLC, and the seller, Pur Hazeltine LLC, in the sale. Pur Hazeltine purchased the property in 2019 for $9 million.