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HOLLYWOOD, CA-With buyer and seller both coming from West Los Angeles, a 62-year-old apartment complex here has sold for $1.77 million, according to Sperry Van Ness.

The complex, which was built in 1941, includes 18 units in one building and is located at 7714-7730 Hollywood Blvd., close to the Sunset Strip, according to Brent Sprenkle of the Los Angeles office of Sperry Van Ness, who represented the seller, HM Properties. The buyer, Sebren Development, was represented by Gayle Factor of Marcus & Millichap.

Sprenkle says the property, constructed in a classic French Normandie design, features a landscaped courtyard and a location minutes from the 101, 10 and 405 freeways. The 18 units include six one-bedroom, one-bath apartments and 12 studio units with rents ranging from $795 to $975. The property, which the seller had owned for 15 years, was 97% occupied at the time of the sale. The complex is one of scores of older Hollywood apartment assets that, according to brokers, remain popular with investors because of the immense demand for housing in Los Angeles and popular with tenants because of the charm and character of the older buildings.

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