LOS ANGELES-Hawthorne Regency Apartments LLC has acquired the 50-unit Hawthorne Regency luxury apartments in Hollywood from an Orange County-based seller for $18.4 million in one of five recently closed multifamily deals totaling $29 million. The Hawthorne Regency is a newly built complex just south of Hollywood Boulevard and east of Highland Avenue.
The seller was Hawthorne Regency LLC of Costa Mesa, which was represented by Team Lustig-Bower of CB Richard Ellis. Adrienne Barr of Team Lustig-Bower notes that 10 of the units were loft penthouse apartments with double high ceilings and sun decks, and that all of the units feature two bedrooms with fireplaces and other upscale amenities.
The buyer, who was represented by Mojy Sadat of Coldwell Banker, assumed both of the owner's existing loans on the property. The complex, which was completed in 2005, is within walking distance of the Hollywood and Highland retail-entertainment complex as well as other shopping and entertainment attractions in Hollywood.
The other four deals totaled $10.3 million and were brokered by Sperry Van Ness. They included the 28-unit Sommerset House at 14250 Sherman Way in Van Nuys, the 26-unit Langdon Apartments at 8165 Langdon Ave. in Panorama City, the 22-unit Brazilian complex at 7531 Canby Ave. and the 12-unit Hartland Apartments at 20760-20764 Hartland St. in Winnetka. All four of the properties were 100% occupied at the time of closing.
Sommerset House sold to a private investor from Beverly Hills. The buyer was represented by Hooman Ghaffari and Mike Hanassab of Sperry Van Ness in Woodland Hills, with Ghaffari representing the seller, Encino-based Irving Robin Trust. Built 1979, the complex does not fall under rent control and rents for $875 to $1,080 per month, below market rates, in what the Sperry brokers describe as a high-growth area.
Langdon Apartments was built in 1962 and was sold as a "deferred maintenance" deal, according to Ghaffari and Elliott Hassan, who represented Tarzana-based seller Statewide Management. The buyer, a private investor, was represented by David Brummer and Melika Jahangiri of Sperry Van Ness in Los Angeles.
The Brazillian, built in 1963, is a gated complex that the Sperry brokers describe as well-maintained. It sold for the lowest cap rate of the four at 5.65% and the highest price-per-sf at $122.38, according to Ghaffari and Hanassab, who represented the private investor who bought the property. The seller was a private trust based in Encino.
Hartland Apartments also was a deferred maintenance deal but sold at a cap rate of 5.4%, according to Ghaffari, who represented the Westlake Village-based private investor who sold the property. The buyer, a private investor based in Los Angeles, was represented by Henry Gruen, an independent broker.
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