WEST LOS ANGELES, CA - - A fully-occupied, 60-unit apartment
complex centrally located in the Westwood area near UCLA and the Federal building has been
acquired by local investors for $12.75 million with plans to "re-position" the
property, announces Westcord Commercial Real Estate Services.
Joe Lopez, a commercial
real estate specialist for Westlake Village, CA-based Westcord, reports that 1260 Veteran
Ltd., an affiliate of Realty Center Management, Inc. of West Los Angeles, acquired the
three-story building over two levels of parking located at 1260 Veteran Ave. Lopez
represented both the buyers in the sale transaction and the Klein Family Trust of
Brentwood, CA, the sellers.
David Mercer, a principal
of Realty Center Management, which manages approximately 6000 multi-family units in Texas
and California for its affiliates, said the buyers plan to re-position the property by
introducing a variety of upgrades to individual units, as well as adding a new roof.
"This property is in a great location in a tight and very desirable market,"
said Mercer.
Commenting on the
property's sale, Arnie Klein, a principal of The Klein Family Trust which had owned the
apartments for 28 years, said: "I felt like I was walking my daughter down the aisle,
but I'm delighted that the new owners will be taking the property to a new level.
This was the last of my residential properties. Our group is now concentrating on
commercial properties, and Joe Lopez has been great at finding them for us. We recently
closed five escrows and are in three others."
Westcord, which traces its
origins in the region to 1969, is a full-service regional company that ranks among the Los
Angeles area's top 25 commercial real estate firms, with offices in Westlake Village, CA,
and Van Nuys, CA |
