Marcus and Millichap is pleased to exclusively offer for sale the Armor Collection, a once-in-a generation investment opportunity in Los Angeles’ Westlake neighborhood. The portfolio features 10 buildings totaling 300 units; all properties are within 2 miles of each other.
The Armor properties present an impressive unit mix throughout, consisting of mostly studios and one-bedroom units. Most of the units are currently below market rent, offering an investor a true value-add opportunity and the ability to increase cash flow through renovations. The portfolio is being offered at a low price per unit of $158,500 blended, with current loss-to-lease of over 24% as units turn.
The properties are being offered at an attractive going-in cap rate of 4.4% and are located in a neighborhood that continues to improve. Westlake’s access to educational opportunities, retail amenities, proximity to public transportation and dense population allows for rental growth year-over-year.