Xenon Investment picks up Westwood apartments for $412K-per-unit premium
Xenon Investment is growing its Los Angeles holdings with the acquisition of an apartment building in Westwood. Locally based Southview Investment sold 1345 South Beverly Glen Boulevard for $8.6 million, L.A. Business First reported. Santa Monica-based Xenon purchased the 21-unit, 25,200-square-foot building for $411,900 per unit. The per-unit sale price is well above the average for multifamily properties in the region. In the second quarter, it stood at $280,591 per unit, up 3.3 percent from $271,557 a year earlier, according to Kidder Mathews’ second-quarter report. Marcus & Millichap’s Sam Liberow brokered the sale, fielding 13 offers for the Beverly Glen […]This article originally appeared on The Real Deal. Click here to read the full story.
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