A Santa Monica-based multifamily investor is putting an apartment complex in Brentwood up for sale.
Jeffrey Nemoy is selling a 68-unit complex at 11677-11683 Goshen Avenue, with an asking price of $38.5 million, according to a listing on LoopNet. RE/MAX Commercial’s Taksa Investment Group is marketing the property for sale.
Nemoy bought the property for $25.5 million in 2014, records show. He spent $2.33 million on renovations to the apartments and around $521,000 on upgrades to common areas.
Originally built in 1971, the two-building complex offers one- and two-bedroom units, with 80 parking spots. Average rents at the complex are $2,220 for a one-bedroom apartment and $2,589 for a two-bedroom.
The sale will be done through a 1031 exchange, according to marketing materials for the property.
Nemoy owns at least ten properties across Los Angeles, property records show, with the Brentwood complex being his largest. Most of his properties — scattered across West Hollywood and Santa Monica — have between 10 and 30 units. Nemoy could not be reached for comment.
Few apartment complexes have sold recently Brentwood, where rentals are far outnumbered by single-family homes. But investors across the U.S. are spending more on apartments than ever before, generally pushing prices up.
From April through June, investors purchased $53 billion of multifamily real estate — a second quarter record and more than $30 billion more than the quarter after the pandemic hit.