A 45-unit apartment building at 3717 Cardiff Ave in the Palms neighborhood quietly changed hands this month, with a private investor paying about $13 million for the three-story complex. Built in 1973 and a short walk from Culver City, the property had been pitched this spring as a rare Westside value-add play in a tight rental pocket.
The sale closed on June 22 and is recorded on the local MLS as a $13,125,000 transaction, roughly 11% below the $14.7 million asking price, according to Trulia. As reported by L.A. Business First, the buyer was identified only as a private investor.
Property details and listing history
Marketing materials show the 41,797-square-foot building sits on roughly 0.56 acres, contains 45 units (31 one-bedrooms and 14 two-bedrooms) and includes about 71 parking spaces, and NorthMarq served as the exclusive listing agent. As outlined by Showcase, the offering billed the asset as a generational Westside property that was being brought to market for the first time in decades.
Where the sale fits in the market
The deal lands as Los Angeles County's apartment occupancy slipped to roughly 93.9% in the first quarter, a sign of softening that could narrow returns on value-add plays, according to Colliers data reported by The Real Deal. By contrast, national occupancy hovered near the mid-95% range in April, per market tracker RealPage, underscoring why localized Westside demand still attracts buyers.
What to watch next
The offering emphasized interior and common-area upside, a classic value-add pitch for Westside properties, which the new owner may pursue if market conditions allow, per the offering materials. Keep an eye on permit filings and any new listings tied to the building for early signs of a renovation push.
