A local investor has acquiredGramercy Hollywood, a 28-unit apartment in Hollywood. An unnamedprivate investor sold the property for $10.7 million or $383,148per unit. The closing cap rate was 4.3%.
The property recently underwent a complete transformation into abest-in-class asset featuring a modern style of living with luxuryamenities. Originally built in 1964, the two-story propertyincludes five two-bedroom units, 17 one-bedroom units and sixstudios. Twenty-one units were fully renovated and includestainless steel appliances (including microwaves and dishwashers),custom designer cabinetry, quartz countertops, tiled backsplashes,wood style flooring, recessed lighting, central HVAC, custom-tiledbaths and in-unit washers and dryers.
EVP Darin Beebower with SteppCommercial represented the seller in the deal.
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