The sale of 943 N Oxford Ave closed at $854,000 per unit, establishing a new price-per-unit record for new construction multifamily in East Hollywood. The transaction required finding a buyer willing to commit before lease-up and underwrite construction quality rather than trailing rent history.
Background
943 N Oxford Ave, known as The Oxford Eleven, is a newly constructed collection of modern townhouse-style units located just south of Santa Monica Blvd in East Hollywood. The property was designed as a high-end rental offering, targeting residents seeking privacy, architectural design, and upgraded finishes not typically found in traditional apartment product.
Each residence was delivered with private rooftop decks offering open views toward the Hollywood Hills and surrounding cityscape. Interior features included smart-home technology, high-end stainless steel appliances, and condo-quality finishes throughout. The layout and design positioned the property at the top end of the East Hollywood rental market.
Despite the quality of construction and location near Hollywood Blvd and Sunset Blvd dining and nightlife corridors, the property had been previously marketed without generating offers. At the time, the asset had not yet completed lease-up, which created hesitation among buyers focused on in-place income.
The primary challenge was timing. Buyers evaluating new construction in East Hollywood questioned whether projected rents could be achieved without a completed lease-up. Many were unwilling to underwrite a stabilized outcome without seeing executed leases, despite acknowledging the quality of the asset.
Rather than waiting for full stabilization, the decision was made to bring the property to market early and focus on buyers comfortable underwriting construction quality, design, and long-term rental demand rather than short-term income history.
That narrowed the buyer pool significantly and required identifying someone with both conviction and a specific acquisition need.
Interest was concentrated among buyers completing 1031 exchanges who were seeking newer construction and were comfortable underwriting pre-stabilized assets. Multiple tours were conducted with qualified buyers who understood the product type and submarket.
Within 1 month of launch, multiple offers were generated and the property entered escrow prior to lease-up. An offer was accepted at $9,400,000, representing 95% of the list price. Escrow closed 60 days later. The transaction equated to $854,000 per unit, setting a new price-per-unit record for new construction multifamily sales in East Hollywood.
943 N Oxford Ave’
Los Angeles
If you’re evaluating options for your property, we’re available to talk through value, timing, and current buyer sentiment. The goal is clarity, not commitment.
