Blockchain Registration Transaction Record

WESTMAC Brokers $800K Culver City Apartment Sale in 1031 Exchange Deal

WESTMAC brokers $800K Culver City apartment sale to BLRS Equities via IRS 1031 exchange. Eight-unit property marks end of 30-year affordable housing agreement post-Northridge earthquake.

This transaction matters because it highlights the ongoing evolution of affordable housing in Southern California's competitive real estate market. The sale demonstrates how IRS 1031 exchanges continue to drive investment activity in multi-family properties, particularly those with regulatory agreements nearing expiration. For renters, such transactions can signal potential changes in housing stability as properties transition between owners with different investment strategies. The nearing expiration of the 30-year City Regulatory Agreement raises questions about the future of affordable housing stock in Culver City, where rental pressures remain intense. For real estate investors, this deal showcases the complex calculations involved in purchasing rent-controlled properties with expiring agreements, balancing acquisition price against potential future value increases. The transaction also reflects broader trends in Los Angeles County's housing market, where older affordable housing properties are increasingly changing hands as original agreements sunset, potentially affecting housing accessibility for moderate-income residents.