This Week's LA Deal Sheet
After multiple offers, a 20-unit building directly across the street from The Four Seasons LA at Beverly Hills just sold.
147 South Doheny Drive sold for approximately $16.9M.
The decade-old property is a non-rent-control building, consisting of all two-bedroom and two-bathroom units.
The property's location and its newer construction added to the draw for the multiple prospective buyers who were interested.
"Just being non-rent-control and such a premium location, that's what the buyer purchased it for, a long-term hold and future growth in rents and appreciation," Miller & Desatnik Realty Corp. CEO Errol Spiro said.
The seller, a local developer, was interested in selling now due to a partnership dissolution, according to Spiro, who represented the seller.
The buyer was represented by Miller & Desatnik Realty Executive Vice President Glenn Brander.
SALES
Lion Real Estate Group sold a 36-unit apartment community at 5100 Maplewood Ave. to a local private investor for $8M.
Lion Real Estate Group bought the property in 2013 for $4.65M.
It then did a reno of the building that included upgrading the interiors, painting and landscaping.
The property, built 48 years ago, has two studio units, 27 one-bedroom units and seven two-bedroom units with average rent ranging from $1,107 to $2,028.
CBC Advisors managing principal of multifamily investment sales Tom Jonsson and Director Will James represented Lion Real Estate Group.
SVN - Rich Investment Real Estate Partners brokered the sale of 30 units at 153 San Vincente Blvd. in Santa Monica for $23.8M.
The multifamily building is on a half-acre lot and has 54 bedrooms and 62 bathrooms.
The 50-year-old property is about a half mile from the ocean.
Seventeen of the building's units were vacant at the time of the sale.
The buyer plans to reno the property and build a new rooftop observation deck. Current tenants of the building will be relocated during the remodeling phase.
Agent Shiva Monify represented the buyer.
Universe Holdings completed the $12.6M purchase of the Nob Hill Towers apartment community in Westlake.
The 88-year-old, 53-unit Art Deco property at 2430 Ocean View Ave. has a mix of studio, one-, two- and three-bedroom units.
Universe plans to do immediate improvements in the amount of $917K to modernize the interiors with new floors, appliance packages, counters, cabinets and other upgrades and updating exterior treatments with new paint, enhanced common areas and new landscaping.
The company also plans to convert dormant space in the basement to a business center and fitness area.
NEW CONSTRUCTION
C.W. Driver Cos. just completed the $120M Fountainview at Gonda West, a senior living community in Playa Vista.
The 460K SF community at 12490 Fielding Circle has a total of 199 units in addition to a variety of amenities.
Designed by Gensler, the Jewish Home for the Aging’s Continuing Care Retirement Community serves more than 250 seniors with both healthcare and in-home services.
Of the 199 apartment units, 175 accommodate individual living and 24 are for those in need of assisted living and memory care.
With 18 different floor plans, the one- and two-bedroom units range from 840 to 2,380 SF, including full kitchens, laundry appliances and open-air terraces.
The other amenities include a main kitchen, dining room, bar/lounge, salon, massage room, card room and art room along with a fitness center, library, screening room, a ground-floor café and an accessible rooftop deck with a swimming pool and spa.
Fountainview at Gonda West is sponsored by the LA Jewish Home.
LEASING
Burnish Creative just signed a new lease for 14,636 SF of office space within 5670 Wilshire Blvd.
The building is a 27-story, 445,004 SF high-rise in Mid-Wilshire.
Burnish Creative will use the space for its corporate headquarters after relocating from approximately 6K SF at 5757 Wilshire.
JLL Vice President Angela Sanders represented Burnish Creative.
The landlord, Equity Office, was represented by Cushman & Wakefield broker Pete Collins, Senior Director Scott Menkus and Director Michael Johnson Jr.
EXECUTIVE NEWS
Quang Nguyen is the new vice president of marketing and technology for NewMark Merrill Cos.
Quang will head the company marketing efforts and head its marketing and tech strategy. She will also oversee plans and budgets for the company.
Previously, Quang was marketing director for Westfield in LA.
She has 17 years of marketing experience and has worked with brands including Hilton Hotels Corp., Western Union and Points International.
***
HGA Architects and Engineers hired Robert Cull as associate vice president and healthcare practice group leader in the LA office.
He will direct new business development opportunities, client relations and team processes, serving clients in Southern California.
Previously, he was senior vice president and managing principal with HOK.
