Sussex Capital Snags LA Community
Avison Young brokered the deal, which amounted to $450,000 per unit. The property, called Hillpointe, includes 30 units in Hollywood Hills.
By IvyLee Rosario
Sussex Capital Group acquired The Hillpointe, an apartment community in the Hollywood Hills neighborhood of Los Angeles, from Inco Monterra, for $13.4 million or around $450,000 per unit. Avison Young Principal Peter Sherman brokered the deal on behalf of the seller.
Located at 2330 North Cahuenga Blvd., the 30-unit, 23,734-square-foot community comprises 12 one-bedroom and 18 two-bedroom floorplans. Interior features include efficient and open layouts, 16.5-foot ceilings in select loft units, natural stone countertops, stainless steel appliances and balcony/patios. Residents have access to a fitness center, business center, laundry facility and 55 parking spaces.
“The Los Angeles area has very few assets on the market like The Hillpointe, which offered an ideal location near multi-million dollar homes in the Hollywood Hills as well as an opportunity to add value through renovation,” Sherman told Multi-Housing News. “With apartment vacancy around 3 percent in key LA markets, jobs and population growth continuing to expand, and a significant chasm in market rents comparing 1980s/1990s vintage and new construction, this investment is expected to provide long-term cash flow for the new ownership.”
The Hillpointe is in close proximity to the 101 Freeway and within 10 minutes to Hollywood, Universal City and downtown Los Angeles, including the Hollywood Bowl and Ford Theatres. Earlier this year, Avison Young negotiated the acquisition of another California property, the 206-unit Legends at Rancho Belago in Moreno Valley, for $33.9 million.
Image courtesy of Avison Young