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7/28/16
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A 22-unit apartment property in East Hollywood sold for $4.25 mil, or $193k/unit. The fully occupied, non rent-controlled property, located at 3933 Marathon St, was acquired by a Los Angeles-based investment company in a 1031 exchange.
Built in 1990, the two-story property includes 12 two-bedroom/two-bath units and 10 one-bedroom/one-bath units. The garden-style asset includes a subterranean parking garage and two laundry rooms. Its East Hollywood location is very close to Sunset Junction in Silver Lake and features easy access to the 101 Fwy.
Bryan Glenn with Charles Dunn Company represented the buyer and the seller in the deal. The closing cap rate was 3.25 percent. The buyer plans to implement a comprehensive value-add strategy to improve the property and achieve strong market rents.
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