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August 26, 2019
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Two Hollywood Apartment Properties Trade for $211k/Unit


Los Angeles-based Lillian Way Capital Group LLC purchased two garden-style multifamily properties, totaling 32 units, in a prime area of Hollywood, for $6.75 mil, or $211k/unit. The properties, located at 750 and 760 Lillian Way, north of Melrose Ave and just west of Vine St, were sold by Studio Apartments.

750 and 760 Lillian Way were built in 1955 and 1954 respectively. 750 Lillian Way features eight one-bedroom apartments, while 760 Lillian Way offers a mix of 24 bachelor and studio floorplans. The properties offer close proximity to Red and Paramount Studios and are within walking distance to dining and shopping destinations on trendy Larchmont Blvd.

Jim Fisher and Mike Smith of Berkadia’s Los Angeles office represented the seller in the deal, which cloed at a 4.5% cap rate. The property was 65% occupied at the time of the sale with vacant units being held unoccupied for renovation.

“The buyer was attracted to the exceptional location and density of the property. Although average unit size is 415 square feet, there is tremendous demand throughout the Hollywood and Greater Los Angeles for efficiency units” said Smith.

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