Avison Young, the world’s fastest-growing commercial real estate services firm, announced 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.