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HOLLYWOOD-Vista Investment Group LLC of Los Angeles has acquired a 100-unit mixed use apartment and retail project from Chateau Hollywood LLC of Los Angeles in a short sale that closed at a 1% cap rate that will rise to 8.5% when the project is fully leased, according to brokers who negotiated the deal. Ron Harris, an executive vice president in the Downtown Los Angeles office of Marcus & Millichap, tells GlobeSt.com that, “The actual cap rate at the closing was under 1%. However, once the buyer completes the renovation and lease-up program, the pro-forma cap rate will be approximately 8.5% for a prime Hollywood location.”

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