From Los Angeles Business Journal · Hannah Welk · · 1m 20s
West Hollywood Assets Sell for $30 Million
Benedict Canyon Equities buys two West Hollywood properties for $30 million.
In brief
Benedict Canyon Equities buys two West Hollywood properties for $30 million. Benedict Canyon Equities purchased two West Hollywood properties at 884 and 939 Palm Ave. for $30 million, creating a rare opportunity in a constrained market. Originally reported by Los Angeles Business Journal.
West Hollywood Assets Sell for $30 Million
Two multifamily properties in West Hollywood recently sold for nearly $30 million. Together, the properties have 72 units.
Benedict Canyon Equities Purchases Properties
Benedict Canyon Equities, a Century City-based multifamily investment firm, purchased the properties at 884 and 939 Palm Ave.
Brokerage Represents Seller and Buyer
Calabasas-based brokerage Marcus & Millichap’s Tony Azzi and Rabbie Banafsheha of The Azzi Group represented the seller, a private family investor. Azzi, Banafsheha, Arteen Zahiri and Ian Habbestad of The Azzi Group represented the buyer.
Market Conditions and Property Details
The buildings are located near the Sunset Strip, Santa Monica Boulevard and the Pacific Design Center.Built in 1990, 939 Palm Ave.is a four-story building with 42 units.Meanwhile, 884 Palm Ave.
Investment Opportunity Statement
‘Compelling value-add opportunity’ Banafsheha added that the properties had a lot of long-term upside.The properties are generational-quality assets that require significant renovation, creating a compelling value-add opportunity for a proven operator like Benedict Canyon Equities.
“‘Compelling value-add opportunity’”
The big picture
Benedict Canyon Equities purchased two West Hollywood properties at 884 and 939 Palm Ave. for $30 million, creating a rare opportunity in a constrained market.
