Gramercy Hollywood Trades Hands

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.