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| 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.
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| 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.
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| 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.
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| 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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