|
6/01/20
|
A Beverly Hills-based private investor paid $1.7 mil for a lender-owned, five-unit ($340k/unit) apartment property in the Hollywood Hills. The property is located at 1954 Argyle Ave, north of Franklin Ave on the east side of the 101 Fwy.
Built in 1922, the two-story Spanish “classic Hollywood style” property offers large one- and two-bedroom units ranging in size from 922 sf to 1.1k sf. Each residence includes washer/dryer hookups and there are five enclosed garages. The common areas feature a gated entry, courtyards and a barbeque and lounge area.
The property is immediately accessible to the 101 Fwy, and is walking distance to the Hollywood business district namely, Hollywood Blvd and Sunset Blvd, featuring all the historical tourist landmarks.
Chris Maling and David Maling with Avison Young represented the buyer and the seller, 5Arch Group.
“This apartment asset was lender-owned and is in need of a major renovation,” said Chris Maling. “Once the improvements are complete, the new ownership will enjoy a cash-flowing property in one of Los Angeles’ hottest rental markets.”
He added, “We secured several offers on this asset during this pandemic period. The selected buyer not only had confidence in the market, but was willing to correct the Rent Escrow Account Program (REAP) violations on the property that the lender inherited upon foreclosure.”
|
|
Return to the Archive page
|
|
|
|
|