Eretz Properties, a Los Angeles-based investment firm, has acquired the Pico Gateway Apartments in the Pico-Robertson neighborhood for $22.4 million, or $574,359 per apartment.
The complex, at 8525 W. Pico Blvd. at Corning Street, totals 48,275 square feet, including 7,500 square feet of ground-floor retail space, 39 apartments of varying sizes on its four upper levels and more than 135 underground parking spaces.
Kitty Wallace of Colliers’ West Los Angeles office represented both the buyer and the seller, 8525 Pico LLC, a local investment firm.
“Multiple bids, all-cash offers and six-figure non-refundable deposits are all becoming commonplace among potential buyers as demand for well-located and maintained apartment developments continue to outstrip supply,” Wallace said in a statement. “New apartment developments are being built to meet growing demand, but construction of new product is met with ever increasing restrictions on development, which keeps supply low and buyer interest strong in core high-barrier markets.”
The complex was constructed in 2010. The apartments include studio, one-, two- and three-bedroom floor plans.