West LA Multifamily Property Sells for $330k/Unit

A private investor paid $3.3 mil for the Wellesly Penthouse Loft Apartments, a 10-unit ($330k/unit) multifamily property at 1250 Wellesly Ave in West Los Angeles, just one block south of Wilshire Boulevard and two blocks east of the City of Santa Monica border in an upscale Westside neighborhood.

The four-story building offers all large apartments with an average unit size of over 1.2K sf. Built in 1962, the property has undergone many recent upgrades and features all new landscaping.

William Everitt and Clark Everitt, Vice Presidents at IREA, represented the seller, a private individual. Darin Beebower of Madison Partners represented the buyer, Wellesley Apartments Partners, LLC.

(Originally reported by RenTV.com, March 17, 2011)