EL SEGUNDO, CA – September 16, 2021 – Berkadia announced today the sale of The Franklin Apartments, a 28-unit, garden-style multifamily property in Hawthorne, California. Senior Director Steffan Braunlich of Berkadia El Segundo led the transaction on behalf of the seller, Hawthorne-based Willie S. Bullock Trust and the buyer, Arcadia-based Positive Investments.
The property closed in 15 days at a 4.06 percent cap rate on September 9. The sales price reflects a per-unit price of $162,857 for 86 percent studio units. The property was 88 percent occupied at the time of the sale.
“Seller was ready to cash out and the buyer was able to close in 15 days,” said Braunlich. “The buyer hopes to fill the 3 vacancies, reposition the property and capitalize on the 30-35% upside with renovation.”
The Franklin Apartments were built in 1961 and features 28-units with 24 studio units and four one-bedroom units. Located at 12211 Manor Drive, the property affords convenient access to 405/105 Freeways, LAX, SoFi Stadium, SpaceX and El Camino Community College.