WESTMAC Commercial Brokerage Facilitates $800,000 Multi-Family Property Sale in Culver City
TL;DR
BLRS Equities acquired this Culver City apartment building at $800,000 using a 1031 exchange, gaining a low-cost asset with potential value appreciation after rent control expiration.
WESTMAC Commercial Brokerage facilitated the sale of an 8-unit apartment building on a 5,759-square-foot lot through an IRS 1031 tax-deferred exchange transaction for $800,000.
This sale concludes a 30-year affordable housing initiative that provided stable housing following the 1994 Northridge earthquake with City of Los Angeles support.
The property sale connects back to earthquake recovery efforts and represents a rare opportunity with both historical significance and future regulatory timeline considerations.
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WESTMAC Commercial Brokerage Company has completed the sale of 2656-2662 ½ La Cienega Avenue in Culver City, Los Angeles, California, for $800,000. The transaction involved BLRS Equities acquiring the property as part of an IRS 1031 tax-deferred exchange, a strategy that allows investors to defer capital gains taxes when reinvesting proceeds from property sales into similar investments.
The property consists of an approximately 5,682-square-foot apartment building situated on a 5,759-square-foot lot containing eight residential units. According to T.C. Macker, CCIM of WESTMAC, the sale represents the conclusion of a long-term affordable housing investment that originated with support from the City of Los Angeles following the 1994 Northridge earthquake. The property transaction highlights the ongoing evolution of affordable housing investments in Southern California's competitive real estate market.
The buyer acquired the asset at what industry professionals consider a low price point and low price per unit, though the property remains subject to rent control regulations and approaches the expiration of a 30-year City Regulatory Agreement. This regulatory framework has historically maintained affordable housing options in the area while providing investors with predictable returns. The impending expiration of the agreement raises questions about the property's future rental structure and potential market-rate conversion possibilities.
T.C. Macker, CCIM, and Woody Cook of WESTMAC Commercial Brokerage Company represented the seller in the transaction, demonstrating the firm's expertise in multi-family property sales. The sale occurs against the backdrop of Los Angeles' ongoing affordable housing challenges and illustrates how long-term regulatory agreements shape investment timelines and strategies. Properties like 2656-2662 ½ La Cienega Avenue represent critical components of the city's affordable housing inventory, with their sales often signaling broader market trends and investment patterns.
The transaction's significance extends beyond the immediate parties involved, potentially influencing how investors approach similar properties nearing regulatory agreement expirations throughout Los Angeles County. As more affordable housing agreements reach their maturity dates, the real estate industry watches closely to understand how these transitions will affect housing availability, rental rates, and investment strategies in one of the nation's most challenging housing markets. For more information about commercial real estate services, visit https://www.westmaccommercial.com.
Curated from 24-7 Press Release
