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9/26/16
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By Allen Wolfsheimer
Sacramento-based Clippinger Investment Properties recently acquired the Marathon Apartments, a four-story, 43-unit apartment property in Hollywood, in a $6.4 mil ($149k/unit) deal. The property, formerly known as the Jardinette Apartments, was originally constructed in 1928 and is considered to be one of the first modernist buildings in the country. It is located at 5128 Marathon St, just north of Melrose Ave and west of Western Ave.
Designed by architect Richard Neutra, the famed building has since been added to the National Register of Historic Places, registered with the State of California’s Office of Historic Preservation, and recognized as a Historic-Cultural Landmark by the City of Los Angeles. It was Neutra’s first commission in Los Angeles. The property was featured in Richard Weston’s book Key Buildings of the Twentieth Century, where he called it “America’s first multifamily, International-style building.”
The property is currently being restored by its new owner and is expected to be available for occupancy in spring 2017. Planned renovations consist of all new interiors including flooring, lighting, cabinets and appliances, along with AC/heat in each unit. Common area changes include a rooftop courtyard, recreation room and a gym.
Brent Sprenkle with Berkadia represented the seller in the transaction. We’re told it was nearly vacant at the time of sale.
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