Value-Add Hollywood Hills Complex Trades Hands

LOS ANGELES—Private family investor Kambiz Hakim, along with his two sons Alexander Hakim and Steven Hakim, has purchased a 48-unit value-add apartment building in the Hollywood Hills from SA Properties Holdings Hillside Avenue, GlobeSt.com reports exclusively. Located at 7215 Hillside Ave., the property is one block from Runyon Canyon. The property traded hands for an undisclosed amount.

“The seller had no intention of selling, but was getting incredible unsolicited offers on the property,” Michael Balson, the commercial director at Keller Williams Commercial, tells GlobeSt.com. “They decided to take advantage of what they perceived to be a very aggressive, seller-oriented market.” Balson represented both the buyer and seller in the transaction, and explains that the buyer was attracted to the property because of the value-add opportunity. “The buyers are prolific private investors who always want to grab opportunities for value-add in great locations,” he says.