The property traded for $856,000 per unit, a record for the community
Los Angeles-based Roka Properties has acquired a luxury multifamily property in West Hollywood for $20.6 million following an extensive renovation.
The Element WeHo at 1425 North Crescent Heights Boulevard includes one- and two-bedroom condo-style apartments, most of which feature an additional den or home space. Twenty-two of the 24 apartments were renovated.
Dean Zander and Chris Tresp with CBRE, which announced the deal, represented the seller.
Property records show the property was owned by two LLCs, including one tied to Eldad Blaustein, the CEO of New York-based IGI USA, which handles development in the U.S. for Izaki Group Investments. The LLC is also tied to Moshe Azogui, principal at Strategic Housing Partners. The owners purchased the property for $8.9 million in 2015.
“At $856,000 per unit, the sale of Element WeHo represents a record achieved in West Hollywood for a property of its size and vintage,” Tresp said in a press release. “Originally built in 1959, they were able to transform the 24-unit building into one of the premier, boutique-luxury multifamily communities in the submarket.”
Zander noted that West Hollywood is home to several expanding entertainment companies that provide “continuous demand for the high-end apartments Element WeHo offers.”
For example, CIM Group’s The Lot campus includes both studio and office space, and includes tenants like Oprah Winfrey’s OWN Network, actor Will Ferrell’s Funny or Die production company, and Showtime Networks, which signed for 50,000 square feet in January. In October, Live Nation’s Ticketmaster pre-leased all 98,000 square feet at the third and final structure that is under construction at The Lot campus.
Elsewhere in West Hollywood, a 1.9-square-mile city, Witkoff Group and Howard Lorber‘s New Valley Group landed a $300 million refinance for the West Hollywood Edition Hotel and Residences, which comprises a 190-room luxury hotel and 20 luxury residential condominium units. Also, Northwood Investors landed a $165 million refinancing of The London West Hollywood, a 226-key hotel.
CBRE Affordable Housing’s Tim Flint and Jeff Kunitz, along with Stewart Weston and Dean Zander of the company’s Newport Beach office, arranged the $63 million sale of Vizcaya in Santa Maria, Calif. Buyer Kennedy Wilson acquired the 236-unit fully affordable asset. CBRE represented seller Vaughn Bay Construction in the deal.
In September, CBRE’s Flint closed the $48 million sale of an affordable community in Yonkers, N.Y.
Located at 1720 S. Depot St. in the greater Santa Barbara area, Vizcaya has a mix of one- to four-bedroom units, averaging 940 square feet. All apartments are kept affordable by an LIHTC Land Use Restriction Agreement, limiting residents to those earning no more than 60 percent of the area median income. Ten percent of the units are set aside for those making 50 percent or less of the AMI.
In addition to standard amenities including a swimming pool, playground and community room, the 28-building property provides after-school programs and licensed childcare to tenants free of charge. According to Yardi Matrix data, Vizcaya last changed hands in 2007. During the past three years, the property has maintained an occupancy of 98 percent.