Avison Young brokers $15.65-million apartment building sale in Los Angeles

Palm Heights LLC sells The Culver, a 28-unit luxury complex

Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $15.65-million sale of The Culver, a four-story, 28-unit class A luxury apartment complex situated in the Culver City/Palms neighborhood of Los Angeles.

Avison Young Principal Peter Sherman based in Los Angeles, was the sole agent for the transaction and represented the seller, Palm Heights LLC. The buyer is Mapleton Culver City LLC.

Built in 2006, The Culver is located at 3325 South Canfield Avenue. The property offers a mix of studio, two-bedroom and three-bedroom floorplans with nine-foot ceilings, in-unit washers and dryers, balconies and common-area amenities, including a rooftop deck with seating and grills; a state-of-the-art gym; a Bosch coffee station and business center that opens up to a courtyard.

“The Culver/Palms submarket is such a dynamic and desirable neighborhood within Los Angeles,” Sherman comments. “More than 1.5 million square feet of office space is currently under construction with Amazon and Apple recently signing significant leases to join the community here. This construction activity just adds to the strength of the submarket as Culver City’s walkable town center offers great shops and cafes, and an MTA station. Major companies, such as Sony Pictures, Culver Studios, NFL Network and Scopely, are all within minutes from the property.”

Sherman adds: “The Culver is primed to receive an upgrade of its interiors to compete with the newer properties and designed for higher-end renters seeking a boutique style community to call home in this terrific neighborhood.”