LOS ANGELES, CA – The team of Tim Steuernol and Rob Zaharia, both Vice Presidents with NAI Capital’s West Los Angeles office recently closed two transactions consisting of an eight-unit apartment building at 1181 N. Virgil Avenue and a 10,000 square foot office building at 560 S. St. Louis Avenue.  The value of the transactions totaled $2,120,000.00.

Zaharia and Steuernol were selected by a private trust to list the Virgil Avenue property.  The commercially zoned apartment building is situated on a corner lot within the Vermont/Western Station neighborhood plan area.  “The zoning and plan area allowed for a number of uses, both commercial and residential and there was ample parking on-site,” noted Steuernol.  “We sold the vacant building to a non-profit that plans to completely reposition the property and utilize it as a shelter for homeless families.”

The sale closed at 95% of list price and was a record for the area in 2011 selling at over $140,000 per unit and $200 per square foot for a 1920’s rent controlled property. The buyer was represented by an outside broker.

In a separate transaction that garnered multiple offers from qualified investors and operators, 560 S. St. Louis in Boyle Heights was a foreclosed property listed with the team through a special servicer.  The three-story office building had several violations and was 100% vacant at the time of sale.

“Fortunately, Boyle Heights is a supply constrained area for office space, making it a sought after location for investors and tenants,” said Zaharia.  “A number of local community based businesses approached us to lease the space and we were able to create an ideal match between the new owner and tenant during escrow.”    Zaharia also noted that the property is located across from a large-scale approved mixed-use redevelopment project, as well as a city park. “The property will benefit from revitalization for years to come.”   The transaction closed at over an 11% cap rate.

For more information regarding these transactions or available properties, contact Tim Steuernol or Rob Zaharia at www.multifamilyla.com.