Rent-controlled apartments sell in Silver Lake and South L.A.
- Jason Tuvia
- Nov 28, 2022
- 2 min read
From the L.A. Business First:
Two more small rent-controlled apartment buildings have sold in Los Angeles.
The Bat Man House, a 107-year-old apartment building in SilverLake, has sold for $2 million to West L.A.-based Goldfinger Group.
Jason Tuvia, Kian Maronde, and Josh Yeager from Marcus &Millichap’s Tuvia Group in Encino represented the buyer in a 1031 exchange. The seller was Batman House LLC.
Located at 858 N. La Fayette Park Place, the 11-unit rent-controlled property was built in 1915. The listing team sold the property for more than $186,000 per unit at a 5.11% cap rate as a value-add opportunity.
The property consists of two bachelor units, seven studio units and two one-bedroom units. The building had a unique architecture due to its history, dubbing it with the "Bat Man House."
The sale follows a similar transaction handled by the Marcus &Millichap Tuvia team in nearby Echo Park of a 10-unit apartment building on Porta Street. That fully renovated property, built in 1966, sold for $3.8 million.
The group also facilitated the sale of another rent-controlled L.A.
property at 1050 W. 84th Place, a six-unit apartment property in
South Los Angeles that sold for $1.2 million.
Tuvia and Carter Kruse, an investment associate at the Tuvia Group,
had the exclusive listing to market the property and represented
the buyer, a local South L.A. operator and private investor. The
seller was a local partnership based out of West L.A.
Built in 1939, the property sold at $200,000 per unit. The sale
closed after a quick escrow period, selling as a partially renovated
product. Of the six units across two buildings, two are
accessory studio units, constructed this year, and four are one bedroom
units.
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