A $6.6 million Highland Park apartment complex located on 407 N. Avenue 50, three blocks east of Aldama Elementary School, has received multiple offers and the real estate brokers behind the two-week-old listing are bracing for a Tuesday deadline for "the best and final offers," according to Joshua Luchs, a senior associate with Marcus & Millichap.
The 60-unit building, called Villa Imperial, has a swimming pool and generates significant rent from a T-Mobile cellular tower atop the structure, Luchs told Highland Park-Mount Washington Patch. The building has received "very competitive offers in terms of both the price and the terms," Luchs said, adding that "there was enough interest not only in the building but also the [residential housing] market."
Built in 1969, the building has 48 one-bedroom/one-bathroom units and 12 two bedroom/one-bathroom units, plus gated parking for 60 cars and onsite laundry facilities.
A San Fernando Valley "private party" has owned the building for the past 15 years, Luchs said.
Click here for the Loopnet listing about the building.
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