HOLLYWOOD, CA-Private investors have paid nearly $6 million for two apartment complexes here and in Palmdale, including a 43-unit building here that has sold three times in 10 years. The Hollywood property is the Sierra Vista, at 5536 Sierra Vista Ave. The Palmdale property is the 52-unit Sonterra Apartments at 38263 12th Street East.
Both sales were brokered by Dean Zander of the Encino office of Hendricks & Partners. The buyers of the Sierra Vista were Namco Financial Inc. and Amy Rubenstein of Hollywood, who paid $4.85 million.
The seller of the Sierra Vista was 5816 Waring Partners LLC of Los Angeles. Waring bought the property for $2.75 million in 2003 in a deal that was brokered by Zander, who has sold this building three times since 1995.
The Sierra Vista consists of 11 studio apartments, 18 one-bedrooms and 14 two-bedroom units on a lot of just under a half acre with 41 parking spaces. The studios average 575 sf, the one-bedrooms 650 sf and the two-bedrooms 825 sf.
The Sonterra's sale price of $5.1 million represents one of the highest prices per unit paid in the Palmdale submarket at nearly $100,000 per unit and more than $130 per sf. B.P. Travel of Westminster acquired the complex from RG Apartments L.P. of Los Angeles. Zander and Mark McDonald of Hendricks & Partners brokered the transaction.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.