LOS ANGELES-A 75-unit apartment complex has been sold for $14 million, or $186,667 per unit. Marcus & Millichap Real Estate Investment Services arranged the sale of the property, located at 1134 N. Sycamore Ave., between Santa Monica Blvd. and Fountain Ave. and one block east of N. La Brea Ave.
Nearby attractions include the Roosevelt Hotel, Dolby Theater, El Capitan Theatre, TCL Chinese Theatre and the Hollywood & Highland Center. Jeff Louks, SVP investments in Marcus & Millichap’s Encino office, represented the seller, an undisclosed private investor with properties nationwide. The buyer was not disclosed.
“The asset’s prime location is one of its most desirable qualities,” said Louks in a prepared statement. “Hollywood is the hub of the entertainment industry and the wide variety of restaurants, bars, and trendy boutiques serve as an important component of value.”
Built in 1969, the building consists of 58,401 square feet and the unit mix includes 60 one-bedroom/one-bath units, three one-bedroom/one-bath apartments, 11 studio/one-bath units and one nonconforming studio/one-bath apartment. Amenities include gated, subterranean parking; secure intercom entry; on-site laundry facilities; a swimming pool and balconies in some units.
As previously reported by GlobeSt.com, the Sunset Vine Tower, a Hollywood luxury apartment building with an interesting history, has been sold by the CIM Group.