Roxbury Towers sold for $11,000,000 on July 3, 2014. The sales price reflects a per-unit price of $407,407 or $304 per square foot. The property closed escrow at a cap rate of 4%.
Built in 1965, the 27-unit property features one-, two- and three-bedroom floor plans. The property features partial subterranean garage parking. Most units feature fully equipped kitchens, air conditioning and balconies.
The asset is close to Santa Monica Boulevard, providing residents access to the entire West Hollywood area. Roxbury Towers is less than three miles from Sunset Boulevard and three and a half miles from The Los Angeles Country Club. Top employers in the immediate areas include Cedars-Sinai Medical Center, CBS Television City, Four Seasons-Beverly Hills and Magic Johnson Enterprises.
The owner was a private party who held the property for 25 years. The buyer was First American Exchange Company LLC of Gardena, Calif.
Vacancy in the West Los Angeles market was 4.4% in the first quarter of this year. Average rent increased 3.5% year over year, reaching $2,432 per month in the first quarter of 2014.