Ray Rodriguez
Matt Freedman

SOLD: 10,080 square-foot multifamily property for $2,750,000 in West Hollywood, Calif.

(09/2014) West Hollywood, Calif. – A 10,080 square foot multifamily property in West Hollywood has sold for $2,750,000. Ray Rodriguez and Matt Freedman of KW Commercial Calabasas exclusively represented the buyer in the successful close of this 16-unit property.

The Formosa Apartments are located in a prime WeHo submarket. North of Santa Monica Blvd and South of Fountain Avenue. The property has an attractive unit mix of four (0+1) and twelve (1+1). It has great potential for rental upside, attractive cost per unit, and retains its 1920’s charm and character.

“Our goal was to assist the Seller who owned and self-managed the asset for 10 years and were motivated to capitalize on their profits and complete a 1031 Exchange. The escrow process ran smoothly with only a 10 day due diligence period and 65 day close,? says Rodriguez.