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3/23/21
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McMullin Drake Investments purchased an 18-unit multifamily property in Los Angeles in a recent transaction worth $5.225 mil, or $290k per unit. The property, built in 1985, traded at a cap rate of 5.0%.
The property is located at 5440 Carlton Way, east of the 101 Fwy and just south of Hollywood Blvd in Hollywood, not far from Los Feliz. The immediate neighborhood has seen a significant amount of new residential construction including the $100 mil Fifty Five Fifty Apartments, which will contain 280 units over six floors along with retail space.
Peter Strauss and Adam Zunder with Ionic represented the buyer and seller in the transaction. Morgan McMullin with McMullin Drake and Bo Drake of Drake Real Estate Group syndicated the acquisition money for the deal. Debt was provided by Luther Burbank.
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