Service. Success. Perfected. Spotlight on Pico Robertson, Los Angeles, CA

Service. Success. Perfected. Spotlight on Pico Robertson, Los Angeles, CA | Multifamily April 2016

The spectrum of neighborhoods in Los Angeles is wide and varied. The featured properties in this month’s rent sales survey represent They range from world-class luxury homes and beach cities to twelve apartments communities which boast location above all else. apartments homes and offices converted from formerly vacant The rental market in Pico Robertson continues to remain strong, warehouses with graffiti on the exterior walls. When thinking about keeping in line with the other centrally-located submarkets of Los Los Angeles there are a handful that come to the top of everyone’s Angeles. For a one bedroom, renters can expect to pay in the mind - Pico Robertson is one neighborhood that will likely fly under the $1,700–$1,900 range for a moderately renovated unit and few radar. Yet despite the area’s low-key existence, Pico Robertson boasts common area amenities. Two and three bedroom units can expect arguably the most significant and strong thread of cultural heritage to fetch well north of $2,500. Recent apartment building sale of any region in Los Angeles. Take a stroll down Pico Boulevard east comparable indicate trades averaging around $250,000 per unit of Robertson and Kosher deli’s, bakeries, and synagogues dominate and in some cases well over $300,000 per unit–high-profile prices for one’s view delivering rich history and flavors. Turn right onto streets a relatively low-profile neighborhood. like Corning, Bedford, and Shenandoah and the vibe becomes relaxed densely populated by young professional apartment dwellers who work in surrounding areas such as Beverly Hills, Century City, and Culver City.

The Pico Robertson area boasts an ideal setting comprised of the four quadrants of the Pico Boulevard and Robertson Boulevard intersection. The 10 freeway is within striking distance and just a short uber ride to the Culver City metro station for those traveling to and from Downtown Los Angeles. Despite its premier Westside locale, Pico Robertson has remained somewhat immune to gentrification, mostly due to the strong cultural heritage which has been rooted in the community for decades.

1145 SOUTH CORNING 1112 SOUTH BEDFORD 1145 S. Corning Street 1112 S. Bedford Street Los Angeles, CA 90035 Los Angeles, CA 90035 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 1 BDR/1 BA 650 $1,850 1 BDR/1 BA 750 $1,795

• Residents pay a $25 application fee and a $1,850 • Residents pay a $30 application fee and a $1,795 security deposit. security deposit. • Residents pay for gas, electric and, trash removal; • Residents pay for gas, electric and, trash removal; property pays for water. property pays for water. • Common area amenities include on-site • Unit amenities include hardwood floors, stainless laundry facilities. steel appliances, a dishwasher, renovated kitchen/ • Unit amenities include designer lighting, hardwood bath, and granite countertops. floors, stainless steel appliances, and tile floors. No. Units 7 No. Units 5 Occupancy 86% Occupancy 80% Year Built 1955 Year Built 1967

Managed by Private Owner Managed by Private Owner

1132 SHENANDOAH 1511 SOUTH BEDFORD 1132 S. Shenandoah Street 1511 S. Bedford Street Los Angeles, CA 90035 Los Angeles, CA 90035 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 2 BDR/2.5 BA 1,500 $2,395 2 BDR/2 BA 975 $2,100

• Residents pay a $35 application fee and a $2,395 • Residents pay a $30 application fee and a $2,100 security deposit. security deposit. • Residents pay for gas and electric; property pays for • Residents pay for gas and electric; property pays water and trash removal. for water. • Unit amenities include a washer/dryer, fireplace, • Unit amenities include hardwood floors, granite granite countertops, and hardwood floors. countertops, and tile backsplash.

No. Units 5 No. Units 6

Occupancy 80% Occupancy 83%

Year Built 1992 Year Built 1956

Managed by Private Owner Managed by Bedford Garden Apartments LLC

1059 SOUTH CORNING 1117 BEDFORD 1059 S. Corning Street 1117 Bedford Street Los Angeles, CA 90035 Los Angeles, CA 90035 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 2 BDR/2 BA 1,000 $2,100 3 BDR/2 BA 1,150 $2,750

• Residents pay a $30 application fee and a $2,100 • Residents pay a $35 application fee and a $2,750 security deposit. security deposit. • Residents pay for gas and electric; property • Residents pay for gas; property pays for water. pays for water. • Unit amenities include laminated wood floors, • Unit amenities include a dishwasher, private balcony/ granite countertops, and a renovated kitchen/bath. patio, renovated kitchen/bath, and a range.

No. Units 7 No. Units 15

Occupancy 86% Occupancy 93%

Year Built 1957 Year Built 1961

Managed by Private Owner Managed by Miller Desatnik

The report below features a sampling of properties sold within the last ten months in California. Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.

8540–8542 SATURN 1461 SOUTH SHERBOURNE 8540–8542 Saturn Street 1461 S. Sherbourne Drive Los Angeles, CA 90035 Los Angeles, CA 90035

Close Date: February 2016 Close Date: February 2016 Units: 6 Units: 6 Year Built: 1955 Year Built: 1929 Price: $1,615,000 Price: $1,655,000 Price/Unit: $269,167 Price/Unit: $275,833 Price/SF: $330.27 Price/SF: $441.33

8533 CASHIO 1220 SOUTH SHENANDOAH 8533 Cashio Street 1220 S. Shenandoah Street Los Angeles, CA 90035 Los Angeles, CA 90035

Close Date: January 2016 Close Date: September 2015 Units: 6 Units: 6 Year Built: 1954 Year Built: 1954 Price: $1,586,000 Price: $2,225,000 Price/Unit: $264,333 Price/Unit: $370,833 Price/SF: $312.20 Price/SF: $476.85

8843 ALCOTT 1728 SOUTH ROBERTSON 8843 Alcott Street 1728 S. Robertson Boulevard Los Angeles, CA 90035 Los Angeles, CA 90035

Close Date: August 2015 Close Date: July 2015 Units: 10 Units: 8 Year Built: 1962 Year Built: 1965 Price: $3,220,000 Price: $1,700,000 Price/Unit: $322,000 Price/Unit: $212,500 Price/SF: $392.83 Price/SF: 307.97

www.greysteel.com

TRANSACTION TEAM: CAPITAL MARKETS: John F. Mullen Everett Wong Dorothy Lagrue Mark Bittenbender Yassi Farzaneh Managing Director Investment Associate Production Associate Director Production Director

Sarah Cornejo Brittney Spinner Ari Firoozabadi Brittany Wismer Matt Schwartz Senior Designer Junior Designer President Senior Finance Associate CEO

LICENSE NO: TX 9003203 D.C. 9003203 CA 01984315 PA RB068196 VA 0226023703 MD LL98371301

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