The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Local Investor Acquires 24 Units in Hollywood

10/22/14

In a recent Hollywood area residential sale, an investor paid $4.4 mil for the Wilcox Gateway Properties, consisting of 24 units ($183k/unit) on four contiguous parcels of land. The parcels are located at 1812 -1830 Wilcox Ave, near Cahuenga Blvd and Franklin Ave, in close proximity to the Hollywood & Highland retail center, the Pantages Theater, Arclight Theater and two Metro Red Line stations.

The Wilcox Gateway properties have a mix of single, one-bedroom and two-bedroom units. Three of properties were built in the 1920’s while the fourth was built in 1986. Because the fourth building was built after 1978, it was not subject to rent control. The new owner plans to relocate the existing tenants and completely renovate all 24 units.

Tim Steuernol and Rob Zaharia of NAI Capital represented the seller, Wilcox Gateway Partners LLC, and the buyer, NHVA1-XVlll, in the transaction. The buyer plans to breathe new life into the properties and make them more relevant for the current renter pool in the Hollywood market today.

“The portfolio attracted a very broad investor pool both because of its development potential, the property was entitled for 36 luxury condos, as well as its tremendous value-add as its current use,” notes Steuernol. “Because the seller originally planned to demolish the existing 24 multifamily units to build condos, they had not extensively upgraded any of the units, leaving the rents 30% below market. That created opportunity for a new investor to reposition the existing buildings through renovation.”





Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media