Northmarq brokers $13M sale of 45-unit apartment community in Los Angeles
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LOS ANGELES — Northmarq's Los Angeles Investment Sales team of Mike Hanassab, Steven Goldstein and Elliot Hassan arranged the $13.125 million sale of 3717 Cardiff Avenue, a 45-unit garden apartment community located in the Palms neighborhood of Los Angeles, steps from Culver City.
Northmarq represented the seller, a family that had owned the property since the mid-1970s and the buyer, a local private investor.
"Cardiff represented a unique buying opportunity in a submarket that rarely offers 40-plus-unit properties for sale,” said Goldstein. “Given the rarity of the opportunity, our marketing process generated over 20 private tours and double-digit offers, with several non-refundable at the opening of escrow. The surrounding submarket is lined with institutional capital which gave the buyer confidence in continued demand and the neighborhood’s overall desirability.”
“The owners were meticulous stewards of the property, which contributed to the strong level of interest,” said Hanassab. “Given the current market conditions and the cost of capital, buyers are prioritizing well-maintained assets that do not require significant immediate capital expenditures. Properties in strong rental submarkets continue to attract interest.”
Built in 1973, 3717 Cardiff Avenue is a three-story multifamily community consisting of 31 one-bedroom and 14 two-bedroom apartment homes. Units feature oversized floor plans, in-unit fireplaces and private balconies across a majority of units. The property includes gated access, a combination of semi-subterranean and tuck-under parking with 71 total spaces.
Offered for the first time in over 50 years, the property is ideally situated within walking distance of Culver City's premier employment hub, with proximity to Sony Pictures Entertainment, Amazon MGM Studios and Apple, and the Palms Metro E Line Station, providing direct connectivity between Downtown Los Angeles and Santa Monica.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
