IREA is pleased to announce the sale of Flight Ave Apartments in Westchester which just closed at $10,258,888.
At $513,000 per unit, IREA’s Jonathan Krikorian, Clark Everitt, and William Everitt set a record for the highest price per unit multifamily sale in Westchester with the closing of Flight Ave Apartments. The 20 unit, non-rent control apartment building sold at a 2.91% cap rate and $419 per square foot.
“The closing represents the continuing real estate strength of the emerging Westchester neighborhood, convenient to nearby tech haven Silicon Beach,” said Clark Everitt.
Jonathan Krikorian points out that unique to this property was approval to add one additional ADU (Accessory Dwelling Unit) before closing. “This is a newer property, built in 2007, so adding an additional unit was a matter of reworking interior space that was already available,” says Krikorian. “The seller worked tenaciously with the city to legalize the unit, bring it up to code, and deliver it with the same kind of quality and character as the rest of the building.”
Mayor Eric Garcetti has repeatedly touted these units as a means to addressing the affordable-housing shortages plaguing the county. Ownership obtained approval for the 20th unit prior to the close of escrow.
Jonathan Krikorian, Clark Everitt, and William Everitt are partners at IREA and represented both the seller and the buyer. Recognized as one of LA’s top Commercial Real Estate firms, IREA provides client-focused brokerage and advisory services.