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HOLLYWOOD, CA-Like many submarkets throughout Los Angeles, for-sale multifamily inventory in Hollywood remains tight. In the 90028 zip code, which is the heart of Hollywood and the new “downtown,” there are currently only seven multifamily properties with more than five units to be found for sale, per Loopnet and the MLS. Long-term and mid-term owners have seen the market make large strides following the downturn five years ago.  Average rental rates have grown steadily with an increase of 2.1% ending the third quarter of 2013 from the same time last year. Additionally, vacancy remains low and the third quarter of 2013 marked the ninth consecutive quarter of vacancy below 4% for the greater Los Angeles County market. As a result of these positive market signals, many owners find themselves in a holding pattern anticipating continued growth in the market.

Hollywood multifamily deals continue to make headlines with the recent acquisition by BRE Properties, a public REIT, of the Jefferson at Hollywood. BRE reportedly paid $120.5 million for the 270-unit, class-A community built in 2010 that is located across from the Metro Red Line’s Highland station.

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