Lee & Associates LA North/Ventura’s Principal/Managing Director Scott Romick and Darren Casamassima, Principal, recently sold a large-scale condominium project, Thirty Four Fifty West, located at 3450 Cahuenga Blvd., driving a total sales volume of $24 million for 20 units. Buyers for the units, ranging in size from 1,921 to 2,361 square feet, included owner/users in the business of entertainment, fashion, music, law, finance and non-profits, as well as general investors.
“Demand has been so strong for this property,” said Romick. “Our client purchased the project in 2018 from the original developer as a large block investment and after some time, we were tasked to sell them off individually, or in some cases, multiple units per transaction. As the complex has a live/work designation, which is rare, it allowed us the opportunity to market the condos for sale to a larger pool of businesses to buy a property for their use. The size, price point, and available SBA financing made a direct hit with buyers.”
The condominium complex’s unique designation, in addition to its prized central location in the entertainment hub of East Valley/Burbank and Hollywood, made it especially desirable for buyers as a creative campus offering a productive workplace environment. Amenities include private balconies, landscaped yards, expansive 12-18-foot-high exposed beam ceilings, lofts, valet parking, private entrances, and spaces with no shared interior common areas.
“This was a value add turn around investment that shows if you deliver a good product at a fair price, you will find buyers,” added Casamassima. “These transactions show that the owner/user buyer market is still vibrant though lacking supply. We wish we had more units available as the demand remains strong. We are proud to be a part of the Valleys most successful commercial condo project ever.”
The transactions were closed between May 2019 to April 2022.