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|Number of units||52|
JLL, as exclusive advisor, is pleased to present for sale Nob Hill Towers (the "Property" or "NHT"), a 52-unit apartment community situated in the Westlake neighborhood of the City of Los Angeles. Built in 1929, the seven-story art deco style apartment community features a hotel style lobby and boasts eight (8) unique spacious floor plans with a variety of features, including penthouse units, private balconies, fire places, dens, walk-in closets, and ample natural lighting. The Property also includes on-site parking, storage rooms, and two (2) expansive rooftop decks with panoramic views of Los Angeles.
- Proven Renovation Premiums with Additional Value Add Potential: Attractive opportunity to capitalize on the projected ±37% growth in rents through the continuation and expansion of current Ownership’s successful renovation strategy.
- Workforce Housing Solution: With average achieved rents of $1,689, Nob Hill Towers offers relatively affordable housing to the main portion of the renter demand curve.
- Significant Discount to Homeownership: Homeownership in the neighborhood represents a ±70% premium to renting at Nob Hill Towers.
- Attractive Basis Below Reproduction Cost: Rare opportunity to acquire a value-add property in a high barrier to entry market at a significant basis below reproduction cost.
- The Renaissance of Westlake: The rapidly appreciating location is in the early stages of significant investment in the community that is welcomed by the growing presence of young, well educated professionals.
- Centrally Positioned Along LA Content-Media “S-Curve” Ecosystem: Residents enjoy swift access to the most prominent technology and entertainment companies located within Downtown LA, Hollywood, Culver City, Santa Monica, Burbank and Glendale.