HOLLYWOOD-Vista Investment Group LLC of Los Angeles has acquired a 100-unit mixed use apartment and retail project from Chateau Hollywood LLC of Los Angeles in a short sale that closed at a 1% cap rate that will rise to 8.5% when the project is fully leased, according to brokers who negotiated the deal. Ron Harris, an executive vice president in the Downtown Los Angeles office of Marcus & Millichap, tells GlobeSt.com that, “The actual cap rate at the closing was under 1%. However, once the buyer completes the renovation and lease-up program, the pro-forma cap rate will be approximately 8.5% for a prime Hollywood location.”

Harris and Marcus & Millichap associate Maurius Jeffery were the listing agents for the property, which is at 1963 N. Cahuenga Blvd., just north of Franklin Avenue and just south of the 101 Freeway. Harris and Jefferey marketed the property as a short sale for 30 days during which time there were more than 30 tours of the complex, which generated double-digit offer activity.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.