(To read more on the multifamily market, click here.)
WEST HOLLYWOOD, CA-Although the local apartment market islimited with rent control issues, value-add investors anddevelopers with affordable housing elements are making deals work,according to Tony Solomon, a vice president with Remax CommercialBrokerage.
A private New York-based equity firm recently picked up HaciendaTropicana--a three-story building located just South of SunsetBoulevard and East of La Cienaga Boulevard--for $9 million, whichrepresents a 4.3% cap rate and $200,000 per unit. The propertyreceived multiple offers, Solomon tells GlobeSt.com and the NewYork-based owner plans an extensive rehab of the property to bringit up to class A standards.
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