The Element WeHo, a 24-unit building where one-bedroom apartments are for rent for $4,595 a month, was recently sold for $20.6 million.
That price, $856,000 per unit, set a record for West Hollywood according to the agents for CBRE, the real estate firm that represented the seller. The Element is located at 1425 N. Crescent Heights Blvd., just south of Sunset Boulevard.
The building was purchased by Roka Properties of Los Angeles. Commercial Observer reports that the owners were two limited liability companies, one connected with Eldad Blaustein, the CEO of IGI USA, which handles development in the United States for Israel’s Izaki Group Investments, and the other with Moshe Azogui, principal at Strategic Housing Partners. They purchased the 32,000-square-foot building in 2015 for $8.9 million and have renovated 22 of the 24 units.
“At $856,000 per unit, the sale of Element WeHo represents a record achieved in West Hollywood for a property of its size and vintage,” said Chris Tresp, one of the CBRE agents, in a press release. “Originally built in 1959, they were able to transform the 24-unit building into one of the premier, boutique-luxury multifamily communities in the submarket.”
The other CBRE agent, Dean Zander, cited the location in West Hollywood of entertainment companies as a reason for the “continuous demand for the high-end apartments Element WeHo offers.” Those companies include Oprah Winfrey’s OWN, Will Ferrell’s Funny or Die production company, Showtime Networks, and Live Nation’s Ticketmaster, which has leased all of the new building currently under construction on The Lot, which also is home to the other entertainment companies.
The Element offers one- and two-bedroom apartments. In an online listing, it says “these chic, condo-style apartments include an additional den, perfect for an office or additional bedroom and select units include a built-in bar. Our fully-equipped, on-site gym, package concierge and lush outdoor lounge area complete with luxuriant swimming pool make this ultra upscale complex a classic place to call home.”