09 Jan 2018
LOS ANGELES, CA— MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is pleased to announce the sale of the Hollywood Cozmo Apartments at 6871 Franklin Avenue. Located in the Hollywood Heights neighborhood of Los Angeles, the 30-unit apartment complex was sold for $8,625,000 at $287,500 per unit.
The building is situated along Franklin Avenue between Orchid Avenue and Hillcrest Road. The property is close to the famous intersection of Hollywood Boulevard and Highland Avenue with direct access to the 101 freeway and The Hollywood Bowl.
KYLE MIRRAFATI, Senior Associate of Multifamily at Matthews™, represented the buyer in this off-market transaction. The seller was motivated to sell this property to capitalize on market conditions, and use the equity he has accumulated over the last five years to exchange into the Dallas, Texas commercial market.
The buyer, an undisclosed private client and long-time savvy Los Angeles investor, acted quickly and made a non-contingent offer to purchase 6871 Franklin Avenue to satisfy his 1031 exchange and acquire a pride of ownership building. The property, located in a prime Hollywood location offered a 25% rental upside to the Buyer.
For more information regarding the sale of 6871 Franklin Avenue or if you have any questions relating to your multifamily investment(s), please do not hesitate to reach out to KYLE MIRRAFATI or visit www.matthews.com for more information on current listings.
About Matthews Real Estate Investment Services:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in multifamily, shopping center, STNL, management, leasing, portfolio disposition and 1031 exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit WWW.MATTHEWS.COM.