Newmark Group announced on December 9, 2024, that it arranged the off-market sale of 1260 Hayworth Avenue, a 40-unit multifamily property in West Hollywood, California. The property was sold for $10.1 million, equating to $252,000 per unit and $397 per square foot.
Newmark Senior Managing Director Chris Benton and his team represented the buyer, the Festival Companies. The property, a rent-controlled asset, is nestled between Sunset Boulevard and Santa Monica Boulevard, offering residents access to West Hollywood's premier amenities.
This transaction highlights a compelling value in the current shifting capital markets environment. The rent-controlled asset offered significant upside potential through renovations, benefiting from its prime location in a historically low-trade market with many generational owners.
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