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8/24/18
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Pinewood Lane Apartments, a 26-unit multifamily property in Hollywood, was purchased by Xenon Investments for $10.25 mil, or $394k/unit. Located at 7057 Lanewood Ave, the asset was sold by a private family investment entity.
Built in 1991, the property features a unit mix of one- and two-bedroom floor plans. The property is not subject to Los Angeles rent control and the buyer was attracted to the tremendous rental upside potential.
The mid-rise community consists of four stories over two levels of parking, and is less than one mile from Hollywood & Highland. Xenon Investments, led by Deepak Mehta, will renovate the asset and bring it up to today’s standards. The planned renovation includes upgrading the façade, common areas, and unit interiors.
Adrienne Barr of Berkadia represented the seller in the deal. The property, which was 96% occupied at time of sale, traded at a 2.6% cap rate.
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