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

|

LOS ANGELES-Hawthorne Regency Apartments LLC has acquired the50-unit Hawthorne Regency luxury apartments in Hollywood from anOrange County-based seller for $18.4 million in one of fiverecently closed multifamily deals totaling $29 million. TheHawthorne Regency is a newly built complex just south of HollywoodBoulevard and east of Highland Avenue.

|

The seller was Hawthorne Regency LLC of Costa Mesa, which wasrepresented by Team Lustig-Bower of CB Richard Ellis. Adrienne Barrof Team Lustig-Bower notes that 10 of the units were loft penthouseapartments with double high ceilings and sun decks, and that all ofthe units feature two bedrooms with fireplaces and other upscaleamenities.

|

The buyer, who was represented by Mojy Sadat of Coldwell Banker,assumed both of the owner's existing loans on the property. Thecomplex, which was completed in 2005, is within walking distance ofthe Hollywood and Highland retail-entertainment complex as well asother shopping and entertainment attractions in Hollywood.

|

The other four deals totaled $10.3 million and were brokered bySperry Van Ness. They included the 28-unit Sommerset House at 14250Sherman Way in Van Nuys, the 26-unit Langdon Apartments at 8165Langdon Ave. in Panorama City, the 22-unit Brazilian complex at7531 Canby Ave. and the 12-unit Hartland Apartments at 20760-20764Hartland St. in Winnetka. All four of the properties were 100%occupied at the time of closing.

|

Sommerset House sold to a private investor from Beverly Hills.The buyer was represented by Hooman Ghaffari and Mike Hanassab ofSperry Van Ness in Woodland Hills, with Ghaffari representing theseller, Encino-based Irving Robin Trust. Built 1979, the complexdoes not fall under rent control and rents for $875 to $1,080 permonth, below market rates, in what the Sperry brokers describe as ahigh-growth area.

|

Langdon Apartments was built in 1962 and was sold as a "deferredmaintenance" deal, according to Ghaffari and Elliott Hassan, whorepresented Tarzana-based seller Statewide Management. The buyer, aprivate investor, was represented by David Brummer and MelikaJahangiri of Sperry Van Ness in Los Angeles.

|

The Brazillian, built in 1963, is a gated complex that theSperry brokers describe as well-maintained. It sold for the lowestcap rate of the four at 5.65% and the highest price-per-sf at$122.38, according to Ghaffari and Hanassab, who represented theprivate investor who bought the property. The seller was a privatetrust based in Encino.

|

Hartland Apartments also was a deferred maintenance deal butsold at a cap rate of 5.4%, according to Ghaffari, who representedthe Westlake Village-based private investor who sold the property.The buyer, a private investor based in Los Angeles, was representedby Henry Gruen, an independent broker.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.