The Peake 3518 Chesapeake Ave 32 Unit Apartment Building $14,500,000 ($453,125/Unit) 5% Cap Rate Los Angeles, CA 90016

KEY INVESTMENT HIGHLIGHTS
DIVERSE UNIT MIX: The Peake at 3518 Chesapeake Avenue is a 32 unit apartment building that was recently completed in 2023. The property is 4 stories over a level of on-grade parking and located steps from the Expo Metro E Line Farmdale station, connecting the property to the Westside and Downtown Los Angeles. The diverse unit mix consists of 9 studios with one bathroom, 8 one bedrooms with one bathroom and 12 two bedrooms with two bathroom plus 3 units that are affordable (extremely low income) two bedrooms with two bathrooms.
PHENOMENAL TRANSIT ORIENTED LOCATION: The Expo Line and new Expo/Crenshaw station, lie less than 1-mile from the property and has been a convenient connector for Angelenos and a catalyst for growth and investments in areas along its routes, from Santa Monica to Downtown Los Angeles. The new Crenshaw/LAX Transit Project will extend from E Line (Expo) at Expo/Crenshaw Station and merge with C Line (Green) at Aviation/LAX Station, connecting the Crenshaw Corridor, Inglewood, El Segundo, and ending at LAX (Los Angeles International Airport). The addition of the Martin Luther King Jr. station (1.2 miles southeast of The Peake), on the east side of the Crenshaw Plaza Mall, provides residents immediate access all across Los Angeles County.
Notably, the location of The Peake along Exposition Boulevard provides residents with immediate access to the Farmdale light rail station, just two blocks to the west. The Farmdale station provides access to the Metro E Line, a 22-mile light rail line running between Santa Monica to East Los Angeles.
BOOMING SUBMARKET: Within five miles of The Peake more massive developments are in planning or underway, reviving the area with over $20 Billion in much needed capital. The surrounding cities of West Adams, Culver City, and Inglewood are in the midst of a complete revitalization either through infrastructure investments or new development projects and are quickly turning into some of the hottest submarkets in Los Angeles County. Crenshaw is undergoing an investment boom, recently completed and future projects include : 100K SF Kaiser Permanente Medical Center, the Marlton Square and Crenshaw Plaza Mall redevelopment, Crenshaw Crossings mixed use development to the north, 4S Bay’s redevelopment along Stocker Street to the southeast, and the resuscitation of the District Square mixed-use development at Obama and Crenshaw Boulevards. These six massive projects make up over $3 Billion in nearby developments that will create further demand to live in this area.