Hollywood Apartment Community Trades for $11M
NNC Apartment Ventures expanded its California portfolio with value-add 42-unit residential property. The asset is located near popular destinations.
By Evelyn Jozsa
NNC Apartment Ventures acquired 6565 Fountain Avenue, a two-story, 42-unit apartment building in the Hollywood neighborhood of Los Angeles. Local investment company Ness Holdings traded the property for $10.8 million. This sales price equates to nearly $256,000 per unit. Marcus & Millichap mediated the transaction. Earlier this year, NNC bought a luxury community in California for a record price.
“With this acquisition, new ownership can immediately add value by renovating the property’s 26 vacant units to attract young professionals able to pay market value,” Ron Harris, executive managing director investments in Marcus & Millichap’s Los Angeles office, said in prepared remarks. “Additional capital improvements to the common areas and the buildings exterior will further enhance the property’s appeal.”
The 6565 Fountain Avenue property is located just south of Sunset Boulevard, between Highland Avenue and Cahuenga Boulevard, on the DASH bus line in Hollywood. The apartment community was built in 1962 and is surrounded by new developments such as The Rise Hollywood, a 369-unit multifamily project, the proposed Academy Square, a mixed-used project that features 250 apartments, 235,000 square feet of office space and 37, 000 square feet of ground-floor shops and restaurants.
Popular destinations such as Sunset Boulevard, Hollywood Boulevard and Vine Street are within walking distance. Residents can also walk to access the Metro Red Line, which provides service from downtown Los Angeles, Studio City and North Hollywood.
Image courtesy of Marcus & Millichap