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3/30/21
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Xenon Investment Corp purchased The Hollywood Regency Apartments, a 60-unit multifamily property in West Hollywood, for $21.3 mil ($355k/unit). The asset, located at 1635-1639 N. Martel Ave, is viewed as a value-add opportunity.
Built in 1972, the four-story 67.3k sf building features large units, an open-air courtyard, a pool and 105 parking spaces. The Hollywood Regency has an average unit size of 1.1k sf with a mix of 39 one-bedroom and 21 two-bedroom units.
Located south of Hollywood Blvd, four blocks west of La Brea Ave and two blocks south of the Runyon Canyon Trailhead, the property is within walking distance to countless shopping, dining, entertainment, and recreation amenities. The Chinese Theatre, The Hollywood Roosevelt Hotel, El Capitan Theatre, and Dolby Theatre, are all within less than a mile of the property. It is also .7 miles from Hollywood/Highland Red Line Metro, one mile from the 101 Fwy, and eight miles from downtown Los Angeles.
Matthew Kanner with The Kanner Group of KW Commercial represented the buyer and the seller, a Los Angeles-based private partnership. According to Kanner, the listing yielded multiple offers with the strongest offers coming from 1031 Exchange buyers seeking large, well-located, value-add opportunities.
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