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Paul A. Kenworthy, CCIM, senior managing director with Charles Dunn Company, represented the buyer, Los Angeles -based Lever Apartments LP. The seller, a private investor from Los Angeles, represented itself. The closing cap rate was 5.4 percent.

According to Kenworthy, since the close of escrow early this month, the buyer has increased the rents by over 10 percent and has been offered over $200,000 per unit from other investors, although the buyer has no plans to flip the property

“The well-maintained, well-located property offered the buyer the opportunity to add value by bringing the rents up to market rates,” said Kenworthy. “The local investor plans to keep the property long-term, as it offers promising year-over year-returns and value appreciation,” said Kenworthy.

The unit mix consists of 16 one-bedroom/one-bathroom units, 12 two-bedroom/two-bathroom units and one three-bedroom/two-bathroom unit with monthly rents ranging from $1,100 to $ 1,800. Features of the non-rent controlled, two-story controlled access property include: fireplaces, patios/balconies, central air and heating, a central courtyard with a Jacuzzi and a barbeque area, and gated on-grade parking. The Kester House offers convenient access to shopping and dining amenities and is near the 101 and 405 freeways.

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