A local investor has acquired an eight-unit apartment building in the Hollywood Media District from a private trust. The property has been fully renovated by the previous owner—including laminate wood flooring, stone countertops, custom cabinetry and stainless steel appliances—and comes with significant rental upside of 30%.
The property traded hands for $2.4 million, or $295,625 per unit. The sales price represents a 4.1% cap rate.
SVP Mark Ventre of Stepp Commercial represented the seller in the deal.
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Kelsi Maree Borland
Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.
