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Walker & Dunlop, Inc. Thursday announced that it completed the sale of the Argyle and Harvard Apartments, a two-property, 98-unit development, at 1937 Argyle Ave. The sales price and buyer were not disclosed, but the new owner will likely revitalize the residential communities. Reps for Walker & Dunlop did not immediately respond to a request for comment by What Now Los Angeles.
“Built in 1970 and 1955 respectively, Argyle and Harvard Apartments present new ownership with the opportunity to significantly increase rental income,” according to the release. “Enhancing finishes in the 21 lightly-renovated units, as well as fully renovating the 77 units that are in original condition, could result in an almost 44 percent increase in rents.”
Walker & Dunlop’s Blake Rogers, Alexandra Caniglia, Hunter Combs, Javier Rivera, and Kevin Sheehan represented the seller and facilitated the sale of the portfolio. The transaction is one of just seven multifamily property sales with 50+ units in the City of Los Angeles since the COVID-19 pandemic started — a more than 50 percent decrease in transaction volume compared to the past several years, according to the release which cites data from CoStar.