The Sunbelt Hawthorn Apartments is situated at 7320 Hawthorn Ave., within walking distance of the Hollywood and Highland entertainment complex and the new Kodak Theatre. In addition, it is close to an MTA Red Line station that offers easy access to Downtown Los Angeles.
George McNee, vice president of Sares-Regis Group's Multifamily Investment Division, says the company will invest more than $750,000 to upgrade the property, which was built in 1985. Sares-Regis plans to modernize unit interiors by replacing all appliances, floor coverings and kitchen and bath countertops and cabinets, he says. Common areas will be improved with new hallway lighting along with extensive improvements to the lobby and fitness center.
In addition to the renovation, the project will be repositioned with a new paint scheme, new signs and a new name, which has yet to be determined, McNee says. Laurie Lustig-Bower of Team Lustig-Bower in the Beverly Hills office of CB Richard Ellis Inc. represented the buyer and seller, which had owned the 95%-occupied asset for 16 years.
The single-building property has features 12 floor plans, ranging from 606 sf to 1,210 sf. The average unit is 880 sf. The monthly rent ranges from $950 to $1,600. Common areas include a courtyard, large swimming pool and sundeck, barbecues and laundry room on each of the four floors.
Sares-Regis is a diversified developer and manager of residential and commercial real estate in the Western US. The company has acquired or developed approximately 34 million sf of commercial properties and a combined 18,000 units of single-family homes and apartments. In addition, the company has more than 3.5 million sf under commercial development. It manages more than 11,000 apartment units and 14 million sf of commercial real estate.
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