The 40-unit Rent-Controlled PropertyOffers Renovation Potential
Newmark has announced the off-market sale of a 40-unit multifamily property at 1260 Hayworth Avenue in West Hollywood, California, for $10.1 million. The transaction reflects a price of $252,000 per unit or $397 per square foot.
The deal was brokered by Newmark’s Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein, Senior Analyst Gabe Munson, and Co-Head of U.S. Capital Markets Kevin Shannon. The buyer, the Festival Companies, was represented by the Newmark team.
“1260 Hayworth was sold at a compelling value, reflecting the current dynamics of the shifting capital markets environment,” said Muhlstein. “Despite these challenges, West Hollywood continues to thrive as a premier rental market, emphasized by its unparalleled location at the epicenter of Los Angeles’ entertainment, nightlife, and employment hubs.”
Located between Sunset Boulevard and Santa Monica Boulevard, 1260 Hayworth Avenue is set in a landscaped courtyard environment, surrounded by some of West Hollywood’s most desirable amenities. Residents enjoy proximity to the Sunset Strip, Santa Monica Boulevard, and Fairfax Avenue, which offer renowned dining, shopping, and entertainment options.
“This rent-controlled asset offered a compelling opportunity for our 1031 buyer,” Munson said, referring to the tax-deferred exchange mechanism. “The property provides significant upside potential through renovations and benefits from its prime location in West Hollywood, a historically low-trade market with many generational owners.”
