LOS ANGELES, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $13.4-million sale of The Hillpointe, a 30-unit apartment property located in the Hollywood Hills neighborhood of Los Angeles.
Avison Young Principal Peter Sherman, who is based in the company’s West Los Angeles office, represented the seller, Inco Monterra, LLC of Beverly Hills, and the buyer, Woodland Hills-based Sussex Capital Group, LLC. The transaction closed at a price per unit of nearly $450,000.
Built in 1987 and located at 2330 North Cahuenga Boulevard, The Hillpointe is nestled among multi-million-dollar homes. The property includes 12 one-bedroom units and 18 two-bedroom units, 55 parking spaces, a gym, business center and community laundry room.
“The Hillpointe is a well-maintained property consisting entirely of market-rate units,” comments Sherman. “It offers the buyer a renovation opportunity to drive incremental rent premiums by upgrading the units with modern finishes and appliances and optimizing the amenity spaces.”
The asset offers direct access to the 101 Freeway and is within 10 minutes from the employment hubs of Hollywood, Universal City and downtown Los Angeles. Additionally, the site is within walking distance of the Hollywood Bowl and the Ford Theatres.
Sherman adds: “We successfully made the oftentimes difficult connection between buyer and seller, when both have specific portfolio strategies to achieve and 1031 Exchange restrictions. However, Inco Monterra, LLC and Sussex Capital Group proved to be outstanding transactional partners.”
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, the company comprises 2,400 real estate professionals in 80 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.