809 S. Gretna Green Way and 12221 San Vicente Boulevard properties sell
By Dolores Quintana
Two of Brentwood’s most high-profile apartment complexes have recently sold as reported by The Los Angeles Business Journal. Both sales were handled by Taksa Investment Group at Re/Max. Taksa Principal Jon Taksa said, as quoted by The Los Angeles Business Journal, “I can’t emphasize how high-profile these buildings are. The properties are two of the most recognizable properties on the Westside.”
The first building is located at 809 S. Gretna Green Way near the corner of Montana Avenue and South Gretna Green Way and is three stories tall and has 55,240 square feet of space and 32 residential units. It sits across the street from the Brentwood Country Club and sold for $26 million. This sale was off-market and sold by the family who has built the property originally and has owned it since 1967. Taksa said, as quoted by the LA Business Journal, “It was owned by several second-generation family members. They wanted to do a 1031 exchange out of state.” The building was purchased by Wiseman Residential.
The apartment units come with ceilings that are nine feet high and central air conditioning and heat. The building includes a pool, gym and underground parking lot.
Jon Taska stated, as quoted by The LA Business Journal, “We brought in an initial offer, it was countered, and the deal was done. The buyer offered great terms for the seller, including a short due-diligence period.”
The location of the second building is at 12221 San Vicente Boulevard, near the corner of South Gretna Green Way and San Vincent Boulevard and is also across the street from the Brentwood Country Club. It was owned by a different family that purchased the land in 1925 and who didn’t build anything on the property until 1961. They then allowed a developer to build the apartment complex via a 55-year lease. The lease agreement expired in 2016 and the family took over the building. It is currently in escrow.
The building contains one, two and three-bedroom apartments and has a 400-foot frontage running down San Vincent Boulevard and 64,578 square feet of space. Most of the building’s apartments are occupied and are rent-controlled units.
The identity of the buyer has not been disclosed.
According to Jon Taska, as quoted by The LA Business Journal, “The second-generation owners passed away and the third generation took over. They decided it was time to sell.”
Transaction-wise, we got 10 offers on the property.”
Taksa added, “From the second and third-floor units, you get incredible golf course views. Six of the units are vacant, which will enable the buyer to renovate those units and get top-dollar rent. It’s rare for properties this large to become available. In Brentwood, a lot of buildings don’t turn.”