Avison Young announced 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well located on the edge of Hollywood Hills and offers the new ownership an ideal value-add opportunity to remodel the outdated units as they become available,” said Sherman.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.