Berkadia Closes $12M Hollywood Community Sale
- Jun 07, 2017
Berkadia has arranged the sale of Hollywood Orchid, a 72-unit community in Los Angeles. The $12.3 million sale price negotiated by Brent Sprenkle of Berkadia’s South Bay Los Angeles office represented a 3.8 percent cap rate. Berkadia represented both the buyer and the seller, both private parties from Los Angeles. This is the first time the Hollywood property has traded in more than 40 years.
Located at 1772-1782 Orchid Ave., just off Route 101, the 10,809-square-foot property was built in 1941 and features 52 efficiency units with no kitchens, 16 studios with a kitchen and four one-bedroom apartments. Since most units lacked kitchens, the property was challenging to finance by conventional lenders.
Nearby schools include The Oaks School, Aviva High School and Hollywood Senior High School. The property is within walking distance to retail amenities and entertainment venues along Hollywood Boulevard and Sunset Boulevard, such as Dolby Theater or Hollywood Palladium. Downtown Los Angeles is a 15-minute drive away via Route 101.
Image via Google Street View