Northmarq’s El Segundo office announces $3.5M sale of low-rise apartments in Los Angeles

LOS ANGELES — Brent Sprenkle, Parker Boehle and Alex Peterson of Northmarq’s El Segundo Investment Sales team brokered the $3.525 million sale of a 30-unit multifamily community located at 446 S. Rampart Blvd. in Los Angeles.

Northmarq represented the seller, Lake Shores LLC. The buyer was Josh Kashani.

“The property sold for $117,500 per unit which is higher than most similar properties in the general area,” Sprenkle said. “However, the property was heavily upgraded and at a 7.25% cap rate with substantial remaining upside, there is excellent long-term remaining potential for the buyer.”

Built in 1922, the historic property features 30 studio apartments with updated fixtures and on-site laundry facilities. Residents enjoy easy access to the Metro station, the 101 and 5 Freeways, and an array of dining and shopping options in Downtown L.A.