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1/27/22
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Frostonya Apartments, an 81-unit multifamily complex in Los Angeles, traded hands for $15.475 mil ($191k/unit). Built in 1927, the property is located at 346 North Vermont Ave.
The building had been placed on the market for the first time in over thirty years, holding an exemption from Los Angeles rent control, and located in one of the city’s most diverse, densely populated areas. The property has maintained its original charm from the Art Deco era while having received renovation upgrades in plumbing, electrical, and elevator mechanics over the years.
Nestled in the epicenter between Silverlake, Downtown Los Angeles, Koreatown, and Hollywood, the property is ideal for walkability, offers direct access to the 101 Fwy and Beverly Blvd, and boasts views of the city’s infamous Hollywood sign. Additional property amenities include a rare 37 parking spaces, gated entrances, a shared rooftop deck with vast views of the downtown skyline, and two unique retail spaces with 105 feet of frontage at the corner of Beverly and Vermont.
Kitty Wallace with Colliers represented both parties involved. A Los Angeles-based investment group acquired the property from a prominent New York-based seller. The new owners are planning to execute an extensive renovation program.
“All parties worked together to overcome environmental and probable maximum loss challenges on this ductile concrete property to get the deal closed,” commented Wallace. “The high vacancy and challenging collections due to the pandemic added to complications, but the buyer has exceptional plans to enhance the unique characteristics of the art deco building, including renovations to the existing rooftop deck, an extensive exterior patio, and grand lobby.”
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