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7/03/17
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Woodland Hills-based Sussex Capital Group LLC has paid $13.4 mil for The Hillpointe, a 30-unit ($447k/unit) apartment property located in the Hollywood Hills neighborhood of Los Angeles. The property was sold by Beverly Hills-based Inco Monterra LLC.
Built in 1987 and located at 2330 North Cahuenga Blvd, The Hillpointe is nestled among multi-million-dollar homes. The property includes 12 one-bedroom units and 18 two-bedroom units, 55 parking spaces, a gym, business center and community laundry room.
The asset offers direct access to the 101 Freeway and is within 10 minutes from the employment hubs of Hollywood, Universal City and downtown Los Angeles. Additionally, the site is within walking distance of the Hollywood Bowl and the Ford Theatres.
Peter Sherman with Avison Young represented both parties in the transaction.
“The Hillpointe is a well-maintained property consisting entirely of market-rate units,” comments Sherman. “It offers the buyer a renovation opportunity to drive incremental rent premiums by upgrading the units with modern finishes and appliances and optimizing the amenity spaces.”
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