Villa Edgemont contains 45 units at Hollywood Blvd. and Vermont.

(Save the dates:  RealShare Apartments East  comes to the  Hyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles  comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)

LOS ANGELES-Demonstrating the volatility of the Los Angeles multifamily market, Vanguard Investments has listed for sale a portfolio of 14 apartment communities in the Hollywod/Koreatown area here. The portfolio contains 294 units and is valued at $44.5 million.

Among the communities contained in the portfolio are:

  • Villa Edgemont, 45 units at 1570 N. Edgemont St. in Los Feliz
  • Fedora Woods, 39 units at 861 Fedora St. in Wilshire Center
  • Occidental Apartments, 34 units at 320 S. Occidental Blvd. in Westlake
  • Normandie Apartments, 37 units at 101 N. Normandie Ave. in Wilshire Center
  • Curson Apartments, 20 units at 1439 N. Curson Ave. in West Hollywood
  • Manhattan Place, 19 units at 722 S. Manhattan Place in Wilshire Center
  • Elden Apartments, 18 units at 1102 Elden Ave. in Koreatown
  • Berendo Apartments, 16 units at 1217 N. Berendo St. in East Hollywood
  • Berendo Apartments, 14 units at 1234 N. Berendo St. in East Hollywood
  • Bronson Apartments, 16 units at 1317 N. Bronson Ave. in Hollywood
  • Lexington Apartments, 13 units at 5322 Lexington Ave. in East Hollywood
  • Carondelet Apartments, 10 units at 227 S. Carondelet St. in Westlake
  • Barton Apartments, 8 units at 6040 Barton Ave. in Hollywood
  • S. Normandie Apartments, 5 units at 1121 S. Normandie Ave. in Koreatown

According to Arthur Arejian, president of Vanguard Investments, the portfolio offers a “unique blend of properties, all very well maintained and performing extremely well with respect to the history of occupancy and collections portfolio-wide at around 98% to 99% occupancy and collections.”

With regard to management, most of the properties and many of the units have been renovated, Arejian says, and the landlord is an “efficient operator” who offers a “high-quality unit, customer service second to none and an excellent resident experience.”

Arejian adds that the Hollywood/Los Feliz/Koreatown submarkets are known to be one of the tightest rental submarkets in the county with respect to rental growth, occupancy and overall collections. “All economic indicators lead to a robust future for this portfolio, with rent growth and the inherent in-place cash flow that it offers to an investor.” There are existing assumable loans on two of the properties.

As previously reported, in May 2011 Arejian represented a private seller in a 1031 Exchange to a private investor from the San Francisco area for the 41-unit Hawthorne Apartments at 435 Hawthorne St. in Glendale for $9.5 million at a 5.2% cap rate. The property, which was 100% occupied and was built in 1986, had enjoyed a history of high occupancy.

What other Los Angeles submarkets are you noticing are hot for multifamily investment? Leave us your comments in the box below.