Matthew Kanner, President of The Kanner Group of KW Commercial, is pleased to announce he has brokered the $21.3 million sale of The Hollywood Regency Apartments. The value-add, 60-unit multifamily property is located at 1635-1639 N. Martel Avenue in the West Hollywood submarket of Los Angeles.
Matthew Kanner represented the seller, a Los Angeles-based private partnership, as well as the buyer, Los Angeles-based Xenon Investment Corp. The price per unit was $355,000.
Built in 1972, the four-story 67,329 square-foot building features large units, an open-air courtyard, a pool and 105 parking spaces. The Hollywood Regency has an average unit size of 1,100 square feet with a mix of 39 one-bedroom and 21 two-bedroom units.
“We marketed this property both on a local and national level to the multifamily investment community. The bid process yielded multiple offers with the strongest offers coming from 1031 Exchange buyers seeking large, well-located, value-add opportunities,” said Kanner. “The new ownership, Xenon Investment Corp., is an experienced owner of assets in the L.A. area.”
Located south of Hollywood Boulevard, four blocks west of La Brea Avenue, and two blocks south of the Runyon Canyon Trailhead, the asset is within walking distance to countless shopping, dining, entertainment, and recreation amenities. The Chinese Theatre, The Hollywood Roosevelt Hotel, El Capitan Theatre, and Dolby Theatre, are all within .7 miles of the property. It is also .7 miles from Hollywood/Highland Red Line Metro, one mile from the 101 freeway, and eight miles from downtown Los Angeles.