LOS ANGELES-Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 75-unit apartment community in Hollywood, Calif. The $14,000,000 sales price equates to $186,667 per unit.
Jeff Louks, senior vice president investments in Marcus & Millichap’s Encino office represented the seller, a private investor with properties nationwide.
The asset’s prime location is one of its most desirable qualities,” says Louks. “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.”
The property is located at 1134 North Sycamore Ave., between Santa Monica Boulevard and Fountain Avenue and just one block east of North La Brea Avenue. It is proximate to the Roosevelt Hotel, Dolby Theater, Hollywood Bowl, El Capitan Theatre, TCL Chinese Theatre, Hollywood & Highland Center and the Hollywood/Highland metro station, which provides access to downtownLos Angeles, Mid-Wilshire and the San Fernando Valley.
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.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.