The East Village Hollywood sold at a 6% percent cap rate and an 11.6 gross rent multiplier, according to Dana Brody and Martin McDermott of the West Los Angeles office of Grubb & Ellis, who represented the buyer and the seller. The four-story building, which is located at 5718-5728 Hollywood Blvd., was built in 2006 and was 100% occupied at the time of sale.
More than 70% of the apartments are two- and three-bedroom units ranging from 1,061 sf to 1,576 sf. The retail tenants include a steakhouse restaurant with full bar and a coffee shop. The asset was sold by Maman Properties LLC and the Stewart Trust of Los Angeles.
[IMGCAP(2)]The Los Angeles County Employees Association building sold in a sale-leaseback, with the seller now looking for a larger headquarters space while still leasing the existing space. The property is at 500 S. Virgil Ave.
The county workers entity that sold the building was the Los Angeles County Employees Association Local 721. The local was represented by Maury Gentile and Brian Denton of the Tenant Advisory Group at Grubb & Ellis, with the buyer represented by Partners Realty. Gentile and his team are assisting the organization in its search for a larger headquarters.
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