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Avison Young brokers $8 million sale of a 24-unit, rent control apartment property in HollywoodMarch 31, 2022
Los Angeles, CA – Avison Young announced today it has brokered the $8 million sale of a 24-unit rent control apartment property located at 1820 El Cerrito Place in Los Angeles.
Avison Young’s Peter Sherman, John Tronson and Steven Tronson represented the seller, a locally based private investor. The buyer was self-represented. The price per unit was just over $333,000.
Built in 1964 with three levels of residential over a one-level parking garage podium with 28 spaces, the unit mix includes 20 one-bedroom units and four two-bedroom units averaging 733 square feet. The property includes an elevator, on-site laundry, and secured front entry.
“This property is well located on the edge of Hollywood Hills and offers the new ownership an ideal value-add opportunity to remodel the outdated units as they become available,” said Sherman. “Given the amount of investor interest in this asset, this transaction is testimony to the sustained strong demand for value-add rent-controlled L.A.-area assets.”
1820 El Cerrito is situated on a serene, tree-lined residential street just north of Franklin Avenue near the border of Hollywood and Hollywood Hills in the cultural and geographical heart of Los Angeles.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.
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For more information:
Peter Sherman, Principal 424.257.6475 [email protected]