Description
Maher Commercial Realty as the exclusive listing agent was able to sell this four-unit, 26-bed student housing building for a record $6,850,000. Through our extensive network of contacts to student housing operators and developers, we were able to create a new record cap rate, price per square foot, per per door, and price per square foot on land. In short, this is the highest-priced sale in North Westwood Village by all trackable apartment building metrics.
Property Features
- All leases have been custom drafted to accommodate the unique nature of student housing.
- All leases are co-signed with a guarantor.
- Renovations of kitchens and common areas completed in 2016.
- Seismically retrofitted building to ensure structural safety.
- Upgraded FF&E package- All furniture, fixtures and equipment transferred with sale of property.
- Each unit has a kitchen, living room and laundry room with washer/dryer included.
- BBQ picnic area and sundeck for residents to enjoy.
- High speed internet and cable available.
- Student questionnaires have been used to best align students as roommates and co-tenants.
- One unit comprises of 7 people who all applied together as one group.
- Upside Potential- Large 8,131 square foot R4 lot allows for development of up to 16 units or an additional 800 square foot 3 bedroom ADU (accessory dwelling unit).
- 8-car tandem parking.
