Lanewood Court, LLC, a Quest Capital investment company, sold its property located at 7062-7068 Lanewood Avenue, a 36-unit apartment complex, for $10,500,000 in June 2017. The buyer was Ali Habibi, a very active apartment building investor in the Hollywood area.
Purchased in 2006 for $4,800,000, the exit price offered an ownership an excellent opportunity to sell the property and trade into a new asset with additional upside. Investors will end up yielding better than a 15% IRR over the life of the investment.
The Seller was represented by Blake Rogers of the Los Angeles office of HFF, a global commercial real estate capital markets intermediary.
“Lanewood Court represented a solid, value-add investment opportunity in one of the best locations in Los Angeles, creating fierce competition within a deep investor pool,” said Rogers. “HFF is pleased to have been part of a true win-win transaction for all parties involved.”
