X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WEST HOLLYWOOD, CA-A private investor doing business as Harper Property Associates LLC has purchased a 12-unit apartment complex at 1236 N. Harper Ave. in North Hollywood with plans to convert the property into condominiums, according to CB Richard Ellis.

The deal was brokered by Adrienne Herman of CBRE’s Team Lustig-Bower, who tells GlobeSt.com that the locally based buyer acquired the property for $1.9 million from Y.H. and Lilla Sun of Los Angeles, who had owned the property for approximately 10 years. Herman represented the seller, with the buyer represented by Vlad Fayngold of Rexford Realty.

The complex was built in 1923 and includes three buildings, with 11 one-bedroom units and one two-bedroom apartment. Rents were well under the market, Herman tells GlobeSt.com, and she says the complex usually ran at 100% occupancy. Although the complex would have been an attractive investment even if it remained as apartments, Herman says the new owners see more upside in tearing down the existing complex and building condominiums. The buyers have successfully converted other West Hollywood apartments to condos, she notes. “There is a market for this sort of project because there are lots of dual-income residents here who don’t have families and don’t really want a house, but they would be interested in a condo,” she says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.