California Investor Buys the Oliver Complex Near Culver City
The mixed-use The Oliver multifamily property is located in Los Angeles at 11955 Washington Blvd. (CoStar)
By Jack Witthaus
September 20, 2023 | 7:30 AM
A Los Angeles apartment property has sold for a high price per unit despite an overall cooling in real estate investment in the city due to rising interest rates and an increased transfer tax.
An entity that shares an address with a Cypress, California-based electronics company bought the 30-unit The Oliver at 11955 Washington Blvd. for $29.25 million, or about $780,000 per unit, according to public records and a statement by CBRE, which was involved in the deal. The seller was Washington Marcasel Apartments, and the buyer was a limited liability company called Oliver Washington 88.
The Oliver also has roughly 8,600 square feet of retail space, according to CBRE, which marketed the building for sale. The property opened in 2016, according to CoStar data.
The buyer was "seeking a generational asset to hold long-term and worked closely with the seller to pay off its debt obligation within the escrow period," Eric Chen, executive vice president of CBRE, said in a statement.
The sale is among the largest prices paid per unit in greater Los Angeles this year for a multifamily property with more than 10 apartments, CoStar data shows. Only two other apartment properties have sold for more per unit in greater L.A. this year.
The sale also resulted in a $1 million transfer tax paid to the city of Los Angeles, according to public records.
Apartment sales have fallen this year in the region. Roughly $3.3 billion in multifamily properties have traded so far, well below last year's $12.3 billion, according to CoStar data.
A representative for the seller confirmed a transaction. The buyer didn't respond to an emailed request to comment from CoStar News.
For the Record
In addition to Chen, CBRE’s Joyce Goldstein represented the buyer and seller in the deal.