Los Angeles Apartments Sell for $7M
BY MICHAEL AUSHENKER
DECEMBER 12, 2022
Jason Tuvia, a senior managing director at Marcus & Millichap, was at the center of the sale of three small multifamily properties across Los Angeles that sold for more than $7 million combined.
Tuvia transacted the sale of 1330 Portia Street, a 10-unit apartment property located in Echo Park, which sold for $3.8 million.
The seller was Proper Portia LLC, a local multifamily developer. The buyer, 1330 Portia LLC, was in a 1031 exchange and purchased the property in an all-cash transaction.
“The property sold while the two ADUs (accessory dwelling units) were still months away from completion,” Tuvia said. “The buyer purchased the property in all cash in two weeks. We negotiated a holdback in escrow until the ADUs were complete.”
Tuvia also sold a six-unit apartment property 1050 W. 84th Place in South Los Angeles for $1.2 million. Tuvia and Carter Kruse of the Tuvia Group had the exclusive listing to market the property on behalf of the seller, a local partnership based in West L.A. The buyer, a private South L.A. investor, was also represented by the Tuvia Group.
Most of the tenants at the property were on Section 8 housing vouchers, which the U.S. Dept. of Housing and Urban Development issues as rental subsidies for qualified low-income families and individuals.
Tuvia also held the listing on the so-called Bat Man House, an 11-unit apartment building at 858 N. La Fayette Park Pl. in Silver Lake. Batman House LLC sold the property for just over $2 million.
The buyer, West Los Angeles-based Goldfinger Group, a private incorporation in a 1031 exchange, was represented by Tuvia, Kian Maronde and Josh Yeager — all part of the Tuvia Group of Marcus & Millichap.
The building gets its Bat Man House moniker due to its unique architecture and history. The house belonged to Dolly Oesterreich, who was at the center of a high-profile 1920s crime that occurred in the house when her husband Fred Oesterreich was killed by her lover, Otto Sanhuber, who for years secretly lived in their attic — hence, Sanhuber was dubbed the Bat Man.
“All three of the properties that Tuvia transacted are subject to rent control. He said that buyers were still interested in investing in such properties. “Landlords do not like rent control,” Tuvia said. “However, most of the housing stock is rent controlled in L.A., so most investors are forced to go with it.”