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July 21, 2019
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MULTIFAMILY NEWS
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Hollywood Apartment Building Sells for $344k/Unit

3/20/19

Sunset Formosa, a 36-unit apartment property in Hollywood, recently sold for $12.4 mil, or $344k/unit. The property, located at 1522 N. Formosa Ave, traded between Los Angeles-based private investors.

Situated just one block from both Hollywood and Sunset Boulevards, the property is in the heart of one of the most desirable submarkets in Los Angeles and includes 18 studios, 15 one-bedroom units and three two-bedroom units. Additionally, it includes 53 parking spaces, a large courtyard, elevator, secure intercom system, on-site laundry and excellent views. The property also recently underwent approximately $550k in interior and exterior improvements.

Sunset Formosa is near an abundance of shopping centers and boutique retail shops including the Hollywood & Highland center and West Hollywood Gateway as well as employment and educational centers. Residents benefit from their proximity to public transit including multiple bus lines, a Metro Red Line Station and the Hollywood Freeway.

Darin Beebower of Stepp Commercial represented both parties in the transaction. The property sold for approximately $500 per square foot, and at a cap rate of 4.1%.

“Sunset Formosa offers the buyer 18% rental upside based on current market rates and is not subject to rent control,” said Beebower. “With its attractive curb appeal and outstanding Hollywood location it was an excellent addition to the buyer’s existing apartment portfolio.”





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