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8/19/15
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An eight-unit, non-rent controlled multifamily property in Hollywood sold for $2.65 mil, or $331k per unit. The asset, located at 6123 Eleanor Ave, one block south of Santa Monica Blvd and one block east of Vine St, was purchased by Next Tuesday LLC.
Built in 1990, the two-story building was 75 percent occupied at the close of escrow and consists entirely of two-bedroom units. An extensive renovation was recently completed on the property that included exterior upgrades and new interior features such as recessed, energy-efficient lighting, flooring, kitchen cabinetry and eco-friendly appliances. Several units offer views of the Hollywood sign. The asset is within a densely populated area rich in retail, dining, and entertainment amenities to serve the demands of the local resident and employment base.
Janet Neman, senior managing director with Charles Dunn Company, represented the seller, Eleanor Avenue Properties LLC, in the deal. The closing cap rate was 5.09 percent.
“The Hollywood market is thriving and prices for multifamily assets continue to be on the rise,” said Neman. “Because this property was recently renovated and repositioned, it is poised to capture prime rental rates and appreciation in a well-located neighborhood.”
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