Saturday, October 22, 2016

Silver Lake apartment buildings sell for more than $9 million

Descanso apartments goes for $2.85 million

Descanso apartments goes for $2.85 million

Sanborn Avenue apartments

Sanborn Avenue apartments sell for $6.65 million

Eastside PropertySILVER LAKE — A pair of 1920s Silver Lake apartment buildings sold for $9.5 million this summer as neighborhood real estate prices and rents continue to rise.

The properties, a 31-unit building at the corner of Sanborn Avenue and Hoover Street  and a 16-unit apartment building at the corner of Descanso and Larissa drives, sold in separate deals to “well-capitalized private buyers,” according to KW Commercial broker Rich Johns, who represented the sellers.

According to Property Shark, the building on Sanborn sold for $6.65 million in September to 831 Sanborn LLC while the Descanso property was purchased by Arc Descanso LLC for $2.85 million in August.

The investors are apparently banking on higher rents in the future, with  the “rental upside of more than 25 percent going forward,” according a statement issued by Johns.

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  1. Lived in that building on Sanborn for 3 years and paid $995 a month for a 1 bedroom, utilities include! Saw it listed earlier this summer for $1500. Yikes.

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