3724 Glendon Ave, Los Angeles, CA 90034
27-Unit Non-LA Rent Controlled Trophy Asset in Palms
The Glendon Apartments are a well-maintained/managed 4-story, 27-unit value-add multi-family investment opportunity located in the highly desirable Palms/Culver City-adjacent sub-market of West LA. Built in 1986, the trophy building is not subject to city of LA rent control. The well-built thoughtfully designed asset features a great unit mix of 3 (2+2), 6 (1+1+loft), 15 (1+1), 1 single+loft, and 2 single units.
The Seller retained The Kanner Group (TKG) on 12/16/2022 with the goal of creating a market for the asset and structuring a deal to close within 3 months of listing execution prior to the April 1, 2023 (Measure ULA effective date) and selling at top market pricing.
TKG conceived, structured & executed a Seller financed debt option, and a streamlined/expedited marketing process. This included developing a custom logo, brand name and color palette, enhancing the asset’s marketability in comparison to competing products. TKG conducted 14 private tours with credible, vetted, probable Buyers and Agents. A competitive bidding process ensued and the Seller was presented with numerous strong offers to choose from.
TKG generated 10+ offers within 20 days of the listing hitting the open market. They structured a deal with a 100% non-contingent offer, non-refundable 8% passed-through deposit on Day 1 of escrow from a very credible Buyer/Borrower. Additionally, the early March closing date and seller-financing allowed for a faster close than traditional debt. The Kanner Group represented the Seller (JEB Properties Inc.) and the Buyer (The Glendon, LP). With the impressive sale price of $11,550,000, TKG achieved the highest price per unit (approx. $427,778) in the 90034 zip code for 12+ unit assets since January 2020. By closing escrow on March 8th, prior to the major transfer tax increase on April 1, 2023, TKG reduced closing costs by nearly $650K+.
The Glendon Apartments
Deposit8% Non-Refundable Day 1
FinancingSeller Financed 1st TD
Unit Count27 Units
Approx. Gross SF24,318 SF
Approx. Lot Size11,606 SF
Parking37 Garage Spaces
744 + 750 S Mariposa Ave
744 + 750 S Mariposa Ave, Los Angeles, CA 90005
2-Property Portfolio in Prime Koreatown Location
750 S Mariposa Avenue is a beautiful, 23-unit, 5-story 1920s brick building with a unit mix consisting of 13 (2+1), four large (2+1), and six (1+1), averaging about 850 square feet collectively. In 1996, the building underwent a complete remodel, and all units were taken to the studs.
744 S Mariposa Avenue is an adjoining 8,085 square foot, LAR5-2 zoned vacant parking lot. The zoning requirements are 6:1 FAR, no height restriction, 40 By-Right buildable units with a residential density of 200 square feet per dwelling unit.
The approximately 32 space vacant lot at 744 S Mariposa housed parking for about 18 of the 750 S Mariposa building units. The 750 S Mariposa building tenants had parking privileges as part of their unit’s lease agreement.
To maximize return for the Seller of the 2-property portfolio and revenue for potential investors, The Kanner Group needed to find a solution that took advantage of the portfolio’s significant value-add and income-upside potential.
After an in-depth analysis of the properties and local market, The Kanner Group realized the added value of the well-zoned parking lot to a developer.
The team then devised a plan with the Seller to serve change-of terms-of-tenancy notices to all occupied units at the 750 S Mariposa apartment building, whose leases were inclusive of parking in the adjacent lot. The notices stipulated a $100 rent reduction and contained an attached/separate new parking agreement.
By way of thorough research, analysis, and strategy, The Kanner Group successfully sold the 750 S Mariposa apartment building to a multi-family investor and the 744 S Mariposa lot to a separate developer, who would eventually entitle the lot for future development into a 6-story 31-unit building.
By breaking the two parcels into separately marketed properties, TKG effectively netted the Seller more money on this transaction.
744 + 750 S Mariposa Ave
Portfolio Sold Price$6,000,000
744 S Mariposa Ave, Los Angeles, CA 90005
Approx. Lot Size8,085 SF
750 S Mariposa Ave, Los Angeles, CA 90005
Approx. Gross SF21,224 SF
Approx. Lot Size8,086 SF
The Wright Condominiums
5420 Harold Way, Los Angeles , CA 90027
11-Unit Deco-Style Hollywood Condo Building
The Wright Condominiums is an attractive 5-story, 11-unit, Deco-style trophy condo building located in a rapidly transforming pocket of Hollywood adjacent to Los Feliz and Thai Town. The property is condo-mapped, offering an investor the future condo sell-off/exit opportunity, and the townhome-style 2-and-3-story units feature private balconies and state-of-the-art appliances.
Brand and unit finishes elevate the building cache and ensures that the asset stands out in the marketplace. The immediate visual impact & appeal creates a cohesive feel that assists in selling the asset, whether as townhomes for lease or individual condos for sale.
Challenge #1: This condo complex’s original brand was dated and disconnected from the essence of this art-deco-style trophy asset. The complex was named “The Worchell” after one of the original owners who no longer had an equity stake in the property. It desperately needed and warranted a rebrand to gain the exposure and asset differentiation necessary to make the building more appealing to both renters and buyers.
Challenge #2: While high-end, the original unit finishes from 2008 would benefit from select/targeted updates to better compliment the overall building brand and to appeal to a modern tenant/buyer pool.
After conceptualizing the building’s rebrand, The Kanner Group initiated the rebranding and renovation process by assembling a team of skilled professionals who understood, and worked tirelessly to actualize, the overall vision. This team included professional designers, architects, and sign fabricators. After determining an appropriate name for the building, TKG selected a complementary color scheme and logo and oversaw the construction and installation of patina copper features throughout the complex, as well as new kitchen and bathroom finishes within select units. The art-deco accents, unit upgrades, and new copper signage provide the building with a high-end, modern and cohesive feel.
The Kanner Group represented the seller and buyer, both Los Angeles-based private investors. The buyer was in a 1031 exchange and the price per unit was just over $541,000. This unique investment opportunity fetched the highest sale price per unit since 2018, and the fourth highest ever paid in the 90027 submarket, according to CoStar data.
The Wright Condominiums
Cap Rate 4.38%
Approx. Gross SF16,336 SF
Approx. Lot Size9,503 SF
Parking25 Garage Spaces
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