Stepp Commercial has arranged the sale of Gramercy Hollywood, a 28-unit property in Hollywood, Calif., for $10.7 million, which equates to $383,143 per unit. The firm’s Executive Vice President Darin Beebower represented the seller, a private investor, and procured the buyer, a Los Angeles-based investment firm.
Situated at 1836 N. Gramercy Place, the property is near Freeway 101, approximately 6 miles from downtown Los Angeles. The community is within a 5-minute walk of Hollywood Boulevard, which provides shopping, dining and entertainment options, as well as access to public transportation, including the red metro line.
Built in 1964, the property comprises six studios, 17 one- and five two-bedroom units. At least 21 units were recently refurbished and upgraded with stainless steel appliances, custom designer cabinetry, quartz countertops, tiled backsplashes, wood-style flooring, recessed lighting, central HVAC, custom-tiled baths and in-unit washers and dryers.
According to Senior Vice President Mark Ventre, although most investors look for buildings to which they can add value, stabilized properties are gaining market share. Given the new statewide rent control regulations, the traditional value-add business models might be harder to execute, therefore stabilized properties are becoming popular investment strategies.
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