A 32-unit condominium in Brentwood has sold for $26 million.
The condominium is one of two historic apartment buildings in the neighborhood that have been put up for sale.
Taksa Investment Group at Re/Max handled the sale for both properties.
“I can’t stress how high quality these buildings are,” said Taksa Director Jon Taska. “The properties are two of the most iconic properties on the Westside.”
The first location, 809 S. Gretna Green Way, is on the corner of Montana Avenue and South Gretna Green Way, across from the Brentwood Country Club. The three-storey building covers an area of 55,240 square meters.
The property was sold in an off-market transaction by the family who built the building in 1967.
“It was owned by several second-generation family members,” Taksa said. “They wanted to do an out-of-state 1031 exchange.”
All units have 9 foot ceilings and central heating and air, which was rare at the time the building was constructed. The site also has underground parking, a pool and a gym.
Some of the units are exempt from the rental price brake.
Wiseman Residential, a local family office that’s one of the largest owners on the Westside with many interests in the Brentwood market, bought the property, Taska said.
The whole deal took a week to get to the escrow.
“We submitted an initial offer, it was rejected, and the deal was done,” Taksa said. “The buyer offered the seller great terms, including a short due diligence period.”
The second property sold by the Santa Monica-based agent is nearby at 12221 San Vicente Blvd. and belonged to another owner. The 50 unit building is currently held in escrow for an undisclosed amount. It is on the corner of San Vicente Boulevard. and S. Gretna Green Way and also faces the Brentwood Country Club.
“Regarding the transaction, we received 10 offers for the land,” Taksa said.
The family that owned the building bought the land in 1925. In 1961, they entered into a 55-year land lease that allowed a developer to build a dwelling house, but retained ownership of the land and received rent payments on it. In 2016, the 55-year lease was terminated and the family took over the building.
“The second-generation owners died and the third generation took over,” Taksa said. “You’ve decided it’s time to sell.”
The unnamed buyer owns many properties on the Westside.
The multi-family complex — a mix of one-, two-, and three-bedroom units — spans 64,578 square feet and has a 400-foot frontage along San Vicente Boulevard.
“The second and third floor units have incredible views of the golf course,” Taksa said. “Six of the units are vacant, which will allow the buyer to renovate these units and achieve a top dollar rent.”
The rest of the building is inhabited and subject to rent control.
“It’s rare for properties of this size to become available,” Taksa said. “In Brentwood, a lot of buildings don’t rotate.”
However, some new apartments are in the works in the area.