Los Angeles—The Faircrest Heights neighborhood in Los Angeles has a new per unit record thanks to a sale brokered by Charles Dunn Co. The full-service regional real estate firm recently facilitated the $7.9 million sale of a 17-unit property located at 1520-1522 South Hayworth Ave. The end result was a $462,000 per unit price, which was the highest per unit price ever paid in the neighborhood for an asset with eight or more units.
The property was sold by Los Angeles-based SHU Properties, an LLC owned by Oak Coast Properties. The buyer was a local private investor. Charles Dunn’s Albert Shilton and Blake Rogers represented the seller.
“After we sold the building to Oak Coast Properties in 2012, our client completely renovated the common areas and interiors of 15 units,” says Shilton. “Once renovated, the owner increased average in-place rents by 49 percent and stabilized the property, making it an attractive investment for the buyer.”
Built in 1990 and fully renovated in 2013, the non-rent controlled building sits on .31 acres. On-site amenities include a new fitness room, landscaped courtyard and a gated garage with 35 parking spaces.
“Faircrest Heights has consistently been ranked as one of the top up-and-coming neighborhoods in Los Angeles, and this statement could not be more evident than by this sale,” adds Rogers. “Not only was the rent growth incredible, but the building sold for a price per square foot that was 58 percent more than what it last sold for just 18 months ago.”