LOS ANGELES -- Cohen & Associates and Highroad Realty & Management have teamed up to acquire a 60-unit apartment building at 886 Hilgard Avenue in West Los Angeles for $21.5 million. Tony Azzi and George Azzi of Marcus & Millichap represented the buyer and seller.
The property is located at the corner of Hilgard and Le Conte, immediately adjacent to the University of , Los Angeles (UCLA) in the upscale neighborhood of Westwood, one of the strongest multifamily submarkets in Los Angeles. The four-story complex with gated two-level subterranean parking garage, features a mix of one-bedroom, one-bedroom and den and two-bedroom units and some two-story, townhouse style units, as well. Most units have fireplaces and balconies.
The opportunity to purchase a multifamily building in this prized location is rare, according to Tony Azzi.
“The pocket of 125 apartment buildings north of Wilshire around UCLA is arguably the most desirable in Westwood, which is why very few ever change hands,” he said. “It is not surprising to see a building under the same ownership for decades. This one in particular had the same owner for nearly 40 years.”
The seller acquired the property from the AEPi fraternity in 1974 and developed it in 1976. “It is very well designed and constructed but in need of a renovation,” commented Adrian Goldstein of Highroad Realty & Management.
The new ownership will immediately undertake an extensive capital improvement program to reposition the vintage building into one of the area’s premier student oriented housing communities, according to Gidi Cohen, President of Cohen & Associates.
“This asset is essentially a blank slate with unlimited potential,” said the buyer, whose multifamily portfolio exceeds 3,000 units throughout the United States. “Our plan is to make significant upgrades to both the interior and exterior. It will include upgrades to the building systems, modernizing the interiors and introducing technology to make them more functional and appealing to the international student population at UCLA students,” says Cohen.
The buyers are rebranding the property as “888 Hilgard,” and have retained feng shui consultant David Cho, as well as designer James Rosen, who has renovated several properties in the area. Other plans include a fully equipped gym, upgraded kitchens and bathrooms, washers & dryers in each unit, and a rooftop lounge with sun deck, barbecue and fire pit.
About Cohen & Associates
Cohen & Associates is a Los Angeles-based real estate investment and management firm that invests in strategically located, ground-up developments and income producing real estate throughout California and key cities in the Southeastern and Southwestern United States, particularly in the underserved secondary or tertiary markets. Its portfolio includes apartment buildings, mixed-use development and broken condominium projects as well as notes secured by those assets.
About Highroad Realty & Management
Headed by President Adrian Goldstein, Highroad is a boutique real estate company specializing in enhancing value in real estate investments in the commercial and multifamily sectors throughout the United States.