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3/27/15
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A 19-unit apartment property in West Hollywood sold for $8.25 mil, or $434k per unit. Built in 1964 and extensively renovated in 2012, the property is located at 526 North Orlando Ave, just east of La Cienega Blvd and south of Melrose Ave. Rosewood Avenue Elementary School is one block away and The Pacific Design Center, Sunset Strip, Runyon Canyon Park, The Grove and the Beverly Center are nearby.
The four-story, wood-frame and stucco apartment building features secure entry, an inviting lobby entrance and 29 gated, subterranean parking spaces. The unit mix consists of three one-bedroom/one-bath units, 15 two-bedroom/two-bath apartments, and a high-end three-bedroom/two-and-one-half-bath penthouse with key-secured elevator access and views from multiple decks and balconies.
Richard Ringer, first vice president investments in Marcus & Millichap’s West Los Angeles office, represented the seller. The buyer was repped by Michael Hanassab and Elliot Hassan, senior associates in the firm’s Los Angeles office.
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