Tuesday, November 5, 2013

$9.8 Million Apartment Complex Trades Hands in Hollywood, CA


1400 Edgemont apartments, Hollywood, CA

HOLLYWOOD, Calif., Nov. 5, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 1400 Edgemont, a 42-unit apartment complex in Hollywood, Calif. The $9,800,000 sales price equates to $233,333 per unit.

Ron Harris
            Ron Harris, Paul Darrow and Michael DiSimone advised the seller, BP Edgemont LLC and the buyer, R.O.M. Investments Inc.

            “The property is a renovated market-rate apartment complex located in a thriving Los Angeles infill pocket,” says Harris. “The prime location and modern appeal of 1400 Edgemont put it in an optimal position to provide healthy short- and long-term returns.”

“This asset is one of the only luxury buildings with modern touches in this sought-after market,” adds Darrow. 

Michael DiSimone
“Utilizing our unique renovation strategy, coupled with innovative building products and design, the community redefined market rental rates while maintaining consistently high occupancy,” concludes Steven Ludwig, whose firm, Coastline Real Estate Advisors, Inc., spearheaded property and construction management. 

            Built in 1988 at 1400 North Edgemont St., the property is located at the nexus of three prominent Los Angeles neighborhoods: Hollywood, Los Feliz and Griffith Park. The Los Angeles Metro’s Vermont/Sunset station is within easy walking distance, providing residents with public transportation access to major employment and entertainment hubs throughout the city. U.S. Highway 101 is also nearby.

Paul Darrow
            The apartment complex consists of one three-story residential structure built over two levels of parking, one on-grade and one underground. The five floor plans range from 420 square feet to 790 square feet.  All but six of the unit interiors have been upgraded with new appliances, bathroom and kitchen fixtures, modern lighting, flooring, cabinetry and window blinds.

Community amenities at 1400 Edgemont include gated parking, a laundry area, and a modernized lobby area. 

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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