Newmark Facilitates Off-Market Sale of 1260 Hayworth Avenue in West Hollywood

December 9, 2024 9:00 AM

Newmark[1] announces it has arranged the off-market sale of 1260 Hayworth Avenue, a 40-unit multifamily property located 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, Managing Director Anthony Muhlstein, Senior Analyst Gabe Munson and Co-Head of U.S. Capital Markets Kevin Shannon represented the buyer, the Festival Companies.

“1260 Hayworth was sold at a compelling value, reflecting the current dynamics of the shifting capital markets environment,” said Muhlstein. “Despite these challenges, West Hollywood continues to thrive as a premier rental market, emphasized by its unparalleled location at the epicenter of Los Angeles’ entertainment, nightlife and employment hubs.”

Nestled between Sunset Boulevard and Santa Monica Boulevard, 1260 Hayworth Avenue offers a landscaped courtyard setting, surrounded by West Hollywood’s premier amenities. Residents benefit from the nearby Sunset Strip, Santa Monica Boulevard and Fairfax Avenue, offering world-class dining, shopping and entertainment options.

Munson added, “This rent-controlled asset offered a compelling opportunity for our 1031 buyer, providing significant upside potential through renovations and benefiting from its prime location in West Hollywood, a historically low-trade market with many generational owners.”

[1] Dba Nemark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of approximately $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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