Los Angeles, Calif. – Wilcox Courtyard Apartments, located at 1965-1973 North Wilcox Avenue in Los Angeles, California, has sold for $4,575,000. Kidder Mathews Senior Vice President Robin Ossenbeck represented the seller, North Wilcox, LLC. The buyer was MCP Wilcox, LLC.
The 16-unit apartment building is in the prime Hollywood Hills neighborhood, an excellent rental location near major developments, including the new Netflix headquarters and several recently built luxury hotels. It also has convenient access to U.S. Route 101. The property has a Spanish-style courtyard and large units averaging 925 square feet. The units are separately metered for gas and electricity, which is unusual for construction in 1926. Few apartments of this age have recently traded in the immediate area, and the charming older buildings, even without parking, are in high demand. The property was listed to sell at a 4.75% cap rate with upside in the rents. The buyer plans to continue renovations for a long-term hold.
“Smaller deals under $6 million with strong potential upside are in high demand in the Hollywood area, which is enjoying unprecedented redevelopment of office, retail, Class A apartments, and hotels,” said Ossenbeck. “All these future entertainment employees will need housing nearby. The Wilcox Courtyard apartments will provide affordable housing and a convenient walk to work.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages 64 million square feet of space, and conducts over 1,800 appraisals annually.