Avison Young brokers sale of lender-owned, 5-unit Hollywood Hills apartment property29 May 2020
Los Angeles – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $1.7 million sale of a lender-owned, five-unit apartment property located at 1954 Argyle Avenue in the Hollywood Hills submarket of Los Angeles.
Avison Young Principals Chris Maling and David Maling, who are based in the company’s downtown Los Angeles office, represented the seller, 5Arch Group as well as the buyer, a private investor from Beverly Hills.
“This apartment asset was lender-owned and is in need of a major renovation,” said Chris Maling. “Once the improvements are complete, the new ownership will enjoy a cash-flowing property in one of Los Angeles’ hottest rental markets.”
He added, “We secured several offers on this asset during this pandemic period. The selected buyer not only had confidence in the market, but was willing to correct the Rent Escrow Account Program (REAP) violations on the property that the lender inherited upon foreclosure.”
Built in 1922, the two-story Spanish “classic Hollywood style” property offers large one- and two-bedroom units ranging in size from 922 to 1,137 square feet. Each residence includes washer/dryer hookups and there are five enclosed garages. The common areas feature a gated entry, courtyards and a barbeque and lounge area.
The property is immediately accessible to the 101 freeway, and is walking distance to the Hollywood business district namely, Hollywood Boulevard and Sunset Boulevard featuring all the historical tourist landmarks.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224