(To read more on the multifamily market, click here.)

LOS ANGELES-Core Asset Management Group has acquired the 76-year-old Hermoyne Apartments building from an individual investor for $12 million. Broker Ron Harris of Marcus & Millichap says the deal offers significant upside for the new owner of the Hancock Park property.

Harris says the Hermoyne building, at 569 N. Rossmore Ave., occupies a prime Hancock Park location that accounts for the significant rental upside. Harris and Megan Ojena, also of Marcus & Millichap, represented both Core Asset Management Group and the buyer.

Harris points out that the historic Hermoyne property, built in 1929, occupies a location in a neighborhood filled with other high-end apartment complexes and condominiums, along with the multimillion-dollar estates that comprise much of Hancock Park. The seven-story Hermoyne building, with 75,692 rentable sf, features a wood-paneled entry lobby, beam ceilings, a lounge, a front desk, a manager's office, a mailbox area and a laundry room.