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6/12/17
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Hollywood Orchid, a 72-unit res property in Los Angeles, sold for $12.3 mil ($171k/unit), at $50k over the asking price. The property is located at 1772-1782 Orchid Ave, just west of Highland Ave at Franklin Ave.
Built in 1941, the property features 52 efficiency units with no kitchens, 16 studios with a kitchen and four one-bedroom apartments. As the majority of the units lacked kitchens, the property was challenging to finance by conventional lenders.
Brent Sprenkle of Berkadia represented the buyer and the seller, both private parties based in Los Angeles in the transaction, which traded at a 3.83% cap rate. The property had been held by the seller for over 40 years.
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