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SOUTHERN CALIFORNIA NEWS
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Apartment Property in L.A.’s Silver Lake Neighborhood Sells for $573k/Unit

10/24/23

A 21-unit multifamily property in L.A.’s Silver Lake neighborhood traded for $12.05 mil, or $573.8k sf/unit. The property is located at 1185 Myra Ave, a block north of the confluence of Santa Monica and Sunset Blvds.

Located in the highly desirable Silver Lake neighborhood of Los Angeles, 1185 Myra offers easy access to some of the area’s top shopping, entertainment, and dining options. Additionally, the Property is within a few minutes’ drive of Hollywood, Glendale, and Downtown Los Angeles, which are three of the strongest employment hubs in Southern California.

THG Multifamily partners Kevin Green and Joseph Grabiec represented the seller, a private owner, and procured the buyer.

“Originally built in 1964, the seller effectively rebuilt the asset from the studs to deliver a best in class living experience over the last few years,” said Green. “The unique and turn-key nature of the property and exceptional location, just steps away from Sunset Boulevard and Sunset Junction, appeal to the buyer’s long term capital investment strategy. This was a situation where strong relationships allowed the pairing of a owner/developer motivated to sell upon project completion with a family office with several 1031 exchanges to satisfy in an off-market transaction.”

“Certainly, the presence of well-known companies in the area such as Kaiser Permanente, Netflix, Paramount, Disney, DreamWorks, Live Nation, Viacom, etc. and their ability to attract high income jobs were a strong selling point for this property,” added Grabiec. “The buyer is excited about the growth of the entertainment industry and the anticipated rent growth that should follow suit.”





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