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1/18/18
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A Los Angeles-based private investor paid $4 mil for a 19-unit apartment property in Hollywood. The property, located at 1847 N. Cherokee Ave, west of the 101 Fwy and just south of Franklin Ave, was built in 1950.
The two-story building includes a mix of studio and one-bedroom units. It features 14 designated parking spaces, secured access, an on-site laundry room, an outdoor area on the second floor, and a camera surveillance system. The property offers a prime Hollywood location just east of Highland Avenue and north of Hollywood Boulevard.
Bryan Glenn with Charles Dunn Company represented the seller, also a Los Angeles-based private investor. The buyer was repped by BRC Advisors. The property sold at a price per unit of $210,526 and a cap rate of 3.74%.
“This asset generated strong interest and multiple offers due to its prime Hollywood location – properties in this pocket north of Hollywood Boulevard do not trade often,” said Glenn. “Ultimately, we selected the buyer based on the strongest offer and its 1031 exchange requirement. The buyer is planning to reposition and renovate the property in order to meet the demands of area renters and maximize value.”
Hollywood’s revitalization has created a vibrant submarket that is one of the most desirable in all of Los Angeles for both renters and investors. With an estimated $4.8 bil invested and announced since 2000, the community has proven to be an unrivaled live, work, and play experience. On any given day, residents of Hollywood have their pick of world class entertainment at venues such as the Hollywood Bowl, delicious meals at restaurants like Sugarfish or a variety of shopping outlets at Hollywood & Highland. Hollywood is also a thriving creative community and robust employment center that includes Capital Records, Neuehouse, Live Nation, Trailer Park, Caviar LA, and Netflix.
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