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45-Unit Garden Apartment Property Trades in LA’s Palms Neighborhood
Northmarq’s Los Angeles Investment Sales team of Mike Hanassab, Steven Goldstein and Elliot Hassan arranged the $13.125 million sale of 3717 Cardiff Ave., a 45-unit garden apartment community located in the Palms neighborhood of Los Angeles, near Culver City. Northmarq represented the seller, a family that had owned the property since the mid-1970s, and the buyer, a local private investor.
“Cardiff represented a unique buying opportunity in a submarket that rarely offers 40-plus-unit properties for sale,” said Goldstein. “Given the rarity of the opportunity, our marketing process generated over 20 private tours and double-digit offers, with several non-refundable at the opening of escrow. The surrounding submarket is lined with institutional capital, which gave the buyer confidence in continued demand and the neighborhood’s overall desirability.”
Built in 1973, 3717 Cardiff Ave. is a three-story multifamily community consisting of 31 one-bedroom and 14 two-bedroom apartment homes. Units feature oversized floor plans, in-unit fireplaces and private balconies in most units.
- ◦Sale/Acquisition
