$17.55M All Cash.
The buyer had just sold an $80 million beachfront mansion in Malibu, needed a 1031 up-leg, and paid all cash. 325k/Door.
At a glance
closed Nov 7, 2025
14 studio · 30 × 1BR · 10 × 2BR
per door
46,021 gross SF
Class A mid-rise
wood frame
at time of sale
vs. 10.4% submarket
Measure ULA, est.
LaTerra development exit
0.85 stalls/unit
walker's paradise adjacent
What matters
- Who.LaTerra Development, through 1100 Wt Investors LLC, sold the 54-unit building on November 7, 2025 for $17,550,000. That is $325,000 a door and $381.35 a foot. The buyer is Wendy and Orlo Fiske of Santa Barbara, recorded as Surfwatch LLC, a private individual buyer paying all cash. Luc Whitlock and Blake Rogers of JLL listed it. Izzy Sanchez of Marcus & Millichap brought the buyer.
- Why.The sale was the up-leg of a 1031 exchange. CoStar's sale notes say the buyer's down-leg was an $80 million beachfront mansion in Malibu and that the purchase was all-cash. The building was 93% occupied at the time of sale. LaTerra held it 40 months and marketed it for 213 days. Price status is confirmed.
- The Setup. 54 units, 46,021 SF GBA, eight stories, wood frame, Class A, built July 2022 with construction starting March 2020. Five affordable units. 46 spaces. The mix is 14 studios at 628 SF, 30 one-bedrooms at 662 SF and 10 two-bedrooms at 1,105 SF.
- The Cash Buyer. $17.55M All Cash. It shows how much money is in the market.
The Location
1100 W Temple St sits in City West, the dense corridor that runs between Downtown Los Angeles and Echo Park, one block north of the 101 Freeway and about a half-mile from the civic core around City Hall.
The Math the Broker Is Pitching
There is no published cap rate, GRM, or T-12 in the database. The comp closed without a disclosed income figure. That means any underwriting Atlas readers might do starts from the market up, not from actuals. Here is what the numbers imply:
| Scenario | Assumed Gross Rents (ann.) | Assumed Expenses (40%) | NOI | Implied CAP at $17.55M |
|---|---|---|---|---|
| Subject market rent ($2,573/mo) | $1,667,304 | $666,922 | $1,000,382 | 5.70% |
| Stabilized (93% occ., $2,573/mo) | $1,550,593 | $620,237 | $930,356 | 5.30% |
| At close (89% occ., $2,347 submarket avg.) | $1,339,243 | $535,697 | $803,546 | 4.58% |
What an Operator Sees
LaTerra delivered in 2022 and carried the asset 40 months before selling. I looked at this building last August. I know someone that offered $16.5 million. He told the seller that if they countered at $17 million, he would pursue it. An exchange buyer took it instead. All Cash!
It closed November 7, 2025 at $17,550,000. That is $325,000 a door and $381.35 a foot on 54 units in a building CoStar dates to July 2022.
LaTerra Development sold it after a 40-month hold, 213 days on market, and the buyer, Wendy and Orlo Fiske through Surfwatch LLC, paid all cash as the up-leg of a 1031 exchange out of an $80 million Malibu beachfront mansion.
I am tracking this one. The basis reads low against a $340,000 per unit. I don't think that LaTerra sold this at a profit and they might have taken a loss.
I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.
Know one other LA owner who'd want this deal? Forward this — reply with their email and I'll add them.
Property and transaction data: CoStar Research.
Write to David Safai at David@AtlasBrief.La
Appeared in the Sept. 6, 2026 edition of The Tape.