Another property in Los Angeles has traded at a rate less than what it previously sold for – this time in the multifamily sector. Cypress Real Estate Advisors recently sold the MetWest on Sunset, a 79-unit apartment complex located along Sunset Boulevard in Hollywood.The buyer of the property was Winstar Properties, which paid $27.5 million, or about $348,101 per unit, for the asset, according to a report from The Real Deal.
The property, located at 5837 West Sunset Blvd., previously sold in 2019. At that time, Cypress Real Estate Advisors acquired the space for $38 million, or approximately $481,012 per unit. This recent sale represents a loss of $10.5 million, equivalent to nearly 28 percent of its initial investment.
The property offers a mix of studio, one- and two-bedroom apartment options, according to Apartments.com. Also featured at the property are various tenant amenities, including a fitness center, pool, picnic area, courtyard and community center. Apartments at the property range in size from 528 to 952 square feet, with rental rates beginning at $2,195 per month.
Based in Los Angeles, Winstar Properties is a full-service real estate investment and management firm with a focus on assets with strong current yields and upside potential through renovation, according to its website. The company primarily acquires multifamily assets in and around Los Angeles.
Founded in 1995, Cypress Real Estate Advisers has developed and/or owned more than 25,000 multifamily homes and master planned lots for 16,000 single family homes since its inception. The firm has also developed over 2 million square feet of commercial properties, according to its website.
