A local investor has acquired Gramercy Hollywood, a 28-unit apartment in Hollywood. An unnamed private investor sold the property for $10.7 million or $383,148 per unit. The closing cap rate was 4.3%.

The property recently underwent a complete transformation into a best-in-class asset featuring a modern style of living with luxury amenities. Originally built in 1964, the two-story property includes five two-bedroom units, 17 one-bedroom units and six studios. Twenty-one units were fully renovated and include stainless steel appliances (including microwaves and dishwashers), custom designer cabinetry, quartz countertops, tiled backsplashes, wood style flooring, recessed lighting, central HVAC, custom-tiled baths and in-unit washers and dryers.

EVP Darin Beebower with 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.