X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

LOS ANGELES-Prometheus Real Estate Group Inc. of San Mateo has acquired the 80-unit Franklin Plaza Apartments from R.W. Selby and Co. of Los Angeles for $24 million. The property, which was built in 1974, is a recently renovated complex at 7230 Franklin Ave. that does not fall under the City of Los Angeles rent control because it is classified as “luxury exempt.”

The transaction represented a rare opportunity for a buyer to acquire “a recently renovated Class A institutional asset in the most dynamic, upscale area of Hollywood,” according to Gregory Harris, vice president of investments in the Encino office of Marcus & Millichap.

The Franklin Avenue property consists of one three-story building on a lot of 36,634 sf, about 1.4 miles from the Sunset Strip and 2.8 miles from the popular Grove shopping venue. Its 80 units are all one- and two-bedroom apartments, with common area amenities including a pool, a spa, a fitness center and a courtyard area with fountain.

Prometheus recently acquired another complex nearby, the 298-unit Serravella Apartments at 1710 North Fuller Ave., which will present economies of scale for Prometheus in the area, the company says. Will Roos, vice president of acquisitions at Prometheus, comments: “In a neighborhood defined by quality our primary objective will be to distinguish the Franklin Plaza from other properties in the area by providing better amenities and finishes than currently being offered in the rental market.”

Prometheus plans to further renovate both unit interiors and common areas of the Franklin Plaza. Units will feature new cabinetry, counters, appliances, washer/dryers and new flooring along with interior upgrades.

Even though condos in the neighborhood north of Hollywood Boulevard sell for $650,000 to well over $1 million and homes range from $1 to $3 million, “renters still struggle to find an apartment with a washer and dryer or even granite counters,” Roos says. Common areas of the Franklin Plaza will be redesigned also to include designer-furnished courtyards, a business center and media lounge.

The new fitness center will overlook the redesigned pool and spa. Renovations will be carried out by Prometheus’ in-house construction and design team, which has completed the renovation of more than 2,000 units within the Prometheus portfolio.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.